Easy Come, Easy Go

The report highlights a sharp rotation in market leadership on July 1, 2026, characterized by record gains for Mag7 stocks against a severe sell-off in high-beta momentum and semiconductor names. Jonathan Krinsky notes that while semi/AI stocks face continued downside risk, sectors like REITs, regional banks, and healthcare appear attractive.

Key Takeaways

• 1.The market is experiencing a significant momentum unwind, with high-beta momentum stocks seeing their worst day since 2020.
• 2.Micron (MU) is showing weakness, failing to close above its 20-day moving average, creating downside risk toward its 50-day average.
• 3.The firm sees upside potential in REITs, regional banks, and healthcare sectors.

Table of Contents

• Easy Come, Easy Go
• Appendix: Analyst Certification and Other Important Disclosures
• Other Disclosures

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