Bespoke’s Morning Lineup – 6/11/26
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“Stocks? We don’t have those Enron-type connections.” – Tony Soprano
Below is a snippet of commentary from today’s Morning Lineup. Start a two-week trial to Bespoke Premium to view the full report.
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The Closer – SpaceX, Corporate Bonds, CPI – 6/10/26
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- While Oracle (ORCL) capex appears to have peaked, it still came in at 86% of revenues.
- The recent selloff in equity indices has helped push the forward P/E ratio of the S&P 500 back down to 20.2x, or just below 5% forward earnings yield.
- Petroleum stockpiles continue to rapidly unwind, especially for strategic reserves that are now only 2.4 mm bbls above the July 2023 low.
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Daily Sector Snapshot — 6/10/26
Chart of the Day – Warsh Begins
Tech Takes a Hit
Even after the recent pullback in Tech, the average S&P 1500 Tech stock is up over 100% year-over-year. If you’ve been paying attention, though, not all groups within Tech have done well.
As shown in the first chart below, the average semiconductor and hardware stock in Tech is up 150%+ y/y, but the average software stock is actually down 6%.
After the selloff over the past week or so, the average Tech stock is sitting 25% below 52-week highs.
As shown in the second chart below, the average software stock is down 36%, while the average semiconductor and hardware stock is still less than 20% off 52-week highs.
So which stocks that had been doing pretty well have gotten hit hardest this month?
We looked at the 100+ Tech stocks in the S&P 1500 and then filtered for ones that have made 52-week highs in the last two months. Below are the 30 stocks from this group that are now the farthest below those recent 52-week highs.
Some of the hardest hit names are semis and hardware stocks like SolarEdge (SEDG), Max Linear (MXL), Ciena (CIEN), and Viasat (VSAT), which are all now 30% below 52-week highs. Even after the sharp drops, these four stocks are still up 100%+ y/y, with CIEN and VSAT still up 500% y/y!
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Raining on the Russell 1000’s Parade
The Russell 1,000 is down more than 3% since its June 2nd high, but several of its biggest losers have lost more than a fifth of their value. In just a week, Ciena (CIEN) has tumbled almost 30%, making it the biggest loser in the index after an 168% upswing on the year before the 6/2 close. Enphase Energy (ENPH), AST SpaceMobile (ASTS), MP Materials (MP), Guidewire Software (GWRE), SailPoint (SAIL), QuantumScape (QS), Aurora Innovation (AUR), and Lumentum (LITE) are the other eight names that have fallen at least 20% over the past week.
On average, the 25 stocks below rallied 35.5% on the year before last week’s peak, but they’re all down at least 15% since. For nine companies, the losses over the past week add to an already rough 2026. For three of those companies, GWRE, SAIL, and QS, the losses over the past week are even worse than the YTD losses leading up to the 6/2 Russell 1,000 peak.
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Bespoke’s Morning Lineup – 6/10/26 – Truth Be Told
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“I believe in the idea of the rainbow. And I’ve spent my entire life trying to get over it.” – Judy Garland
Below is a snippet of commentary from today’s Morning Lineup. Start a two-week trial to Bespoke Premium to view the full report.
US stocks are down and bond yields up ahead of the open after President Trump suggested on Truth Social that the US will resume bombings of Iran. Leading up to Trump’s comments, futures were already pointed lower, however, led by Tech.
It’s important to note that we’re seeing rotation within the market rather than out of the market. Yes, the broad indices are down because of Tech’s large weighting, but we’ve seen nice gains for sectors like Health Care, Real Estate, Consumer Staples, and Financials as Tech has been selling off.
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The Closer – Tech Tumble, Breadth Disconnects, Trade – 6/9/26
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- Tech has experienced a painful 5-day selloff that has taken it down 8.9% off of its high one week ago.
- Price and breadth were disconnected once again with today marking the 37th time this year that price and breadth moved in opposite directions.
- AI-linked categories of imports continue to rise exponentially; accounting for 16.5% of total goods imports in April
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