Weekly Warm-up: The Broadening Gains Steam as Semis Lose Momentum

The market broadening thesis is accelerating as Semiconductor momentum fades. Morgan Stanley recommends rotating into Consumer Discretionary, Transports, and Biotech.

Key Takeaways

• 1.Market broadening is gaining momentum as Semiconductor performance fades and leadership rotates.
• 2.The firm favors Consumer Discretionary Goods, Transports, and Biotech as beneficiaries of the rotation.
• 3.Policy rate expectations appear overly hawkish; falling energy prices and contained core CPI support the case for holding rates.

Table of Contents

• Weekly Warm-up: The Broadening Gains Steam as Semis Lose Momentum
• The Broadening Gains Steam
• Fresh Money Buy List
• Weekly Charts to Watch

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