Some thoughts from Goldman's Tech specialist Peter Callahan as we enter a new week.
1. Sentiment: Nasdaq now flat for the last 3 weeks, and down -17 bps since June 4th, as markets remain in consolidation mode, just below ATH levels; that said, there remains plenty of action under the hood as single-stock volatility and dispersion has picked up -- look no further than the 8pts of outperformance for Semis vs Software this month, largest monthly spread in over a year, as cooling market anxiety around Tariffs and Recession risk has given way for a (seemingly) singular market focus on GenAI, a dynamic that is driving the bus on price across most subsectors in TMT right now (to the upside and the downside). Looking ahead, micro is set to take a back seat to the macro and geopolitical (and Factors) from now until mid-July (MU earnings this week, then quieter outside of preview season).
2. Top inbounds last week:
