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“In my view, derivatives are financial weapons of mass destruction, carrying dangers that, while now latent, are potentially lethal.” – Warren Buffett

Below is a snippet of commentary from today’s Morning Lineup. Start a two-week trial to Bespoke Premium to view the full report.  

A lot will likely change with equity futures between 8:30 AM ET and the 9:30 open based on the July CPI reading versus estimates.  You can read more of our analysis of CPI and its impact on equity markets in our latest Chart of the Day.

Below we focus on year-to-date performance for the eleven major S&P 500 sector ETFs.  Energy (XLE) has had a huge run over the last week, gaining 4.1%, which leaves it 7.3% above its 50-day moving average.  Recent gains for Energy have widened its lead over Tech (XLK) as the year’s best performing sector with a gain of 36.3%.  Tech ranks second with a YTD gain of 29.3%, and then Industrials (XLI) is a distant third at +19.7%.

Two sectors are in the red for the year: Consumer Discretionary (XLY) with a small decline of 0.14% and Communication Services (XLC) with a bigger drop of 5.5%.

While Energy and Tech are 2026’s two biggest winners, neither are trading at 52-week highs.  As shown below, both sectors had been in downtrends of varying lengths, but their recent rallies have left them above the top of those downtrend channels.

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