ModelEdge report

Dean Christians

5-24-2023 at 2:15 pm

Yields pop and stocks drop

Stocks in interest rate-sensitive sectors like Consumer Staples and Utilities plunged in the last few weeks as rates increased to multi-month highs. The decline pushed a breadth-based indicator that measures oversold conditions to an extreme for both groups, especially relative to the broad market. After similar divergences between defensive sectors and the S&P 500, Consumer Staples and Utilities tend to rally.

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