Leaders-Laggards

Leaders-Laggards

Warsh's First Strike: Hawkish Hold Sends EEM and Russell To Extremes, Energy Goes From Hero To Worst Performer

Warsh Kills Cuts; EEM +1.81σ Extreme; Russell +2.03%; XLE -5.86% Worst Sector; Lumber/Gold +8.11%; Credit Diverging Now

Leaders-Laggards

Streak Broken: Hot Jobs Print Kills Tech, Iran Strikes Revive Energy, AI Rotation Begins

S&P -2.55% Snaps 9-Week Run; Nasdaq -4.65% On Broadcom Miss + AI Pullback; XLE +2.45% Flips Back To Leader On Iran/Israel Strikes; Jobs +172K Pushes Fed Cuts To 2027; Gold -5.0%; 10Y Holds 4.55%

Leaders-Laggards

Nine-Week Streak: NVDA Blowout, Iran Ceasefire Hopes Collapse Oil, Tech Roars To New Highs

S&P +1.5% On Week 9; XLK +5.9% On NVDA Beat; XLE -5.4% Flips To Laggard On Iran Ceasefire; 10Y Softens To 4.45%; EEM Leads All Major Indexes

Leaders-Laggards

Markets Price 70% Odds Of A Rate HIKE, Yet S&P Runs An Eighth Straight Up-Week

Fed Minutes Reveal Members Anticipate Hikes If Inflation Persists; Kevin Warsh Sworn In As Fed Chair Friday; S&P +0.9%, Russell 2000 +2.7% Leads, Tech +3.5% Reasserts; Brent Oil -4% On Iran Whipsaw

Leaders-Laggards

Tech Alone Drives Six Straight Up Weeks As The Fed Pivots Hawkish

S&P, Nasdaq Hit Fresh Records on Six-Week Rally; XLK +9.8% On The Week

Leaders-Laggards

Intel's Comeback, the Semis ATH, and Tech Stands Alone

Trump Cancels Pakistan Talks, Big Tech Earnings Loom, S&P Notches Ninth Record of 2026 — But Five of Eleven Sectors Are Already Lower

Leaders-Laggards

Ceasefire Extended, Gold Breaks, and the Rotation Gets Messy

Trump Extends Truce Indefinitely, GLD Prints a Gravestone Doji, Oil Whipsaws Between $90 and $93, and the Tech Leader Holds While

Leaders-Laggards

All-Time Highs and the Tech Inflection

Below is an assessment of the performance of some of the most important sectors and asset classes relative to each other with an interpretation of what underlying market dynamics may be signaling about the future direction of risk-taking by investors. The below charts are all price ratios which show

Leaders-Laggards

The Ceasefire Dividend

Oil Crashes 11%, the S&P Posts Its Best Day in a Year, and the Peace Trade Finally Has a Price

Leaders-Laggards

The Ceasefire Mirage

A Relief Rally Built on Headlines, an 11% Oil Spike, and the Longest Losing Streak Finally Snaps

Leaders-Laggards

The Deal That Isn’t a Deal

A 5-Day Pause, a 12% Gold Crash, and Yields That Won’t Come Down

Leaders-Laggards

War Premium and the Defensive Stampede

Negative Payrolls, $100 Oil, and a Market That Wants Nothing to Do With Risk