The Dispersion Is the Story: Megacaps Post Their Worst Day Since April 2025 While Industrials Rally
A gauge of megacaps had its worst session since the April 2025 tariff meltdown. But industrials rose 2.2% while communication services fell 4.4%, and jobless claims hit a record low. This was not fear — it was two shocks converging on a single crowded factor, and the sector spread tells you far more than the index level does.