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A weak economy may matter most for sector performance

The turnaround in the US stock market since 14th October has coincided with a retreat in Treasury yields. Nonetheless, two of its three “long-duration” sectors have lagged amid disappointing news on earnings and/or sales from some of the “big-tech” behemoths, whose fate is also comparatively beholden to the state of the business cycle. We suspect this pattern will continue, as storm clouds gather over the economy.

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