The S&P 500 has soared over 12% since the start of April and 7% since the start of the Iran war, thanks to a +40% rebound in chip stocks.
Consumer sentiment in May fell to a fresh record low of 48.2 as the US 30-year fixed mortgage rate rose above 6.5%.
Consumer staples companies are generally more defensive, but the sector is down 6% since February.
The market cap of so-called “defensive” sector stocks has fallen to a record low 15% of the S&P 500 market cap.
Tim Robberts/DigitalVision via Getty Images
The S&P 500 has soared over 12% since the start of April and 7% since the start of the Iran war, thanks to a +40% rebound in chip stocks. Half the rally has been accounted for by five companies - Alphabet (
