2026-09-03 · Rotation Rewards Utilities, Punishes Software
A dovish Fed remark cut rate-hike odds and triggered a clean rotation into utilities and industrials out of software, even as an overnight Iran strike spiked oil and added a fresh cross-current heading into Friday's payrolls.
The Signal
All three major U.S. indexes rallied more than one percent as a Fed governor said he could support holding rates steady this month, cutting hike odds from roughly two-in-three to under half and pulling the ten-year off its highest level since late 2023. Single stocks did the heavy lifting, led by Snowflake, ChargePoint, Palantir and a blowout Dell…
The skinny
The skinny isn't ready yet — notes appear once the transcript is processed.