US stocks kicked off the second half of 2026 on a strong economic backdrop but with a clear shift under the surface: big tech and chip stocks stumbled while small caps, defensives and income assets quietly took the lead. For investors, this looks more like a rotation than a market breakdown, with the macro picture still broadly supportive of risk assets.

Intro 🌍

U.S. equities are coming off the best quarter since 2020, with the Dow closing Q2 at fresh record highs and the S&P 500 and Nasdaq posting double‑digit gains for the first half of the year. Yet as Q3 begins, tech and semiconductor names are under pressure, dragging the Nasdaq lower even as other sectors and small caps show resilience. At the same time, oil prices have fallen back below 70 dollars and inflation expectations have eased, helping bond yields dip and supporting high‑quality fixed income. The...