Skip to content
Aug 07 2026
Market Internals

Other Market Undercurrents

  • Aug 7, 2026

At the end of June, the 20 firms belonging to Semiconductor and Semiconductor Equipment industries accounted for two-thirds of the S&P 500’s +13% YTD return. But in July, those high-flying names were down an average of 18% and, surprisingly, the S&P 500 was flat for the month. The top-ten largest firms in the index, which are laggards YTD (led by MSFT, +25%), spackled over the momentum reversal.

Login

For full access, please enter your credentials.

About The Author

Phil Segner / Sr. Research Analyst & Co-Portfolio Manager

Phil Segner Sr. Research Analyst & Co-Portfolio Manager

Phil is a Co-Portfolio Manager and Sr. Research Analyst at The Leuthold Group, LLC. He is a member of the asset allocation and investment committees and is a major contributor to the firm's research publications.

Perception for the Professional
August 2026 Issue

Green Book Publication Cover

Featured Articles

Sector Navigator
August 2026 Issue

Blue Book Publication Cover

Recent Tags
[ALL]

Real Yield (1) Inflation (588) Fed Policy (175) Interest Rates (259) Credit (13) AI (1) Recession (72) Contagion (1) Iran War (1) Oil (49) Gold (85) War (1) Energy (91) Factors (94) Momentum (186) Small Caps (190) GDP (46) Trump (2) Time Cycles (7) China (46)