Market Color and Momentum Update

The report highlights a significant momentum unwind—the worst since 2022—impacting tech and AI trades, alongside heavy market concentration where TMT names drive 87% of S&P 500 YTD returns.

Key Takeaways

• 1.Momentum (GSPRHIMO) is experiencing its most severe two-day selloff since 2022, leading to significant collateral damage in the AI trade.
• 2.The S&P 500's year-to-date rally is heavily concentrated, with TMT names accounting for 87% of the returns.
• 3.Cybersecurity ETFs have seen a 24% increase in AUM since April lows despite receiving no new inflows, driven purely by performance.

Table of Contents

• Market Overview
• TMT Performance
• Cybersecurity Analysis
• Retail Flow
• Momentum Unwind
• Deutsche Telekom (DTE)
• Standard Chartered (STAN)
• Worldline (WLN)
• Software Outlook

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