The macro tape is quiet. Inflation is cooling on both gauges, the yield curve has un-inverted, high-yield spreads sit near the 13th percentile of the past year, and the labor market is softening without breaking. Read the top line and it looks like a soft landing.
The internals are busier than the headline suggests. Across the 2,736 companies The Filter Lab follows, two fifths sit in the top two turbulence bands, and 44 percent of those are still widening. Turbulence measures the range of outcomes, not the direction: a wider band means more could happen, not that a name is headed one way.
The widening is not evenly spread. Health Care carries the largest block of high-turbulence names, but its warming and cooling cancel, the signature of scattered, name-by-name stress rather than a coordinated move. The heat is in Technology, where 62 percent of the high-band names are warming and semiconductors read 71 percent, with Industrials and Materials firming alongside. That is the shape of a capital-spending and AI-infrastructure theme, not a defensive rotation.
Descriptive, not advice. This is the public read. The full edition, with what changed since yesterday, the named company highlights, and the searchable archive, is in the app.