Good Morning Mail

U.S. equities led by tech and semiconductors surged while European markets faced geopolitical headwinds. The report highlights a record-setting rotation from software into semiconductor stocks among institutional investors.

Key Takeaways

• 1.U.S. markets experienced a heavy chase for Momentum and Semiconductors, with the sector up 14% over five days despite NVDA underperformance.
• 2.Hedge funds and mutual funds have reached record levels of semiconductor concentration while rotating out of software.
• 3.Geopolitical tensions in the Middle East are pressuring European markets and driving oil prices back toward the $100 range.

Table of Contents

• U.S. Recap
• Europe
• Asia
• Chart(s) of the Day
• GS Global CTA Estimates (Monthly)
• Historical Gamma at Spot ($mm)
• Closed Markets
• Key Macro Events Today
• Sector and Factor Rotations
• Markets in a Nutshell
• Notice to Australian Investors
• Additional Disclaimers

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