The headline read was uneasy. The names a level down matched it.
40.8% of the 2,669 names we band today sit in the top two, a step below the recent 41.4%. Within that group, 60.6% haven’t settled. Most of it sits in a handful of sectors: Technology at 78%, Industrials at 68%, Materials at 67%.
None of this is a forecast. It’s a wider range, not a fall, and right now the range is growing in a handful of places.
On the macro side, inflation is still sticky (CPI 3.5%, core PCE 3.3%), the yield curve is positive, credit spreads stay tight, unemployment holds near 4.2%, jobless claims have eased, and oil has moved lower.
| sector | names in the top two bands | share still widening |
|---|---|---|
| Health Care | 364 | 44% |
| Information Technology | 233 | 78% |
| Industrials | 159 | 68% |
| Consumer Discretionary | 115 | 61% |
| Materials | 64 | 67% |
| Financials | 44 | 61% |
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.