Dig underneath the surface of a stock market trading near record highs, and you may not like what you find. Below is a chart making the rounds on X right now showing how areas of the market sensitive to interest rates are badly underperforming. You will see steep declines of late in sectors like Real Estate (XLRE), Utilities (XLU), and Industrials (XLI) as the 10-year Treasury yield (^TNX) continues to rip and traders prepare for one more interest rate hike from the Federal Reserve this year. Investors have instead pretty much used the moment to pile back into tech leaders like Nvidia (NVDA), Apple (AAPL), and Microsoft (MSFT). The downward moves in interest rate-sensitive sectors make a ton of sense.
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