Liz Ann Sonders discusses the ongoing market rotation away from mega-cap tech (Mag 7) into cyclical and defensive sectors, driven by narrative shifts and earnings. She attributes the recent chip selloff to crowded positioning, cost/supply chain concerns, and profit-taking by systematic funds. She expects a gradual Fed hiking path, which supports broadening market leadership and favors small caps.
implicit
implicit
Oil
Metals
USD
Micron (MU) up
Charles Schwab
8.0
Asset Manager $890.00B
Liz Ann Sonders 8.0
Asset Manager $890.00B
Liz Ann Sonders 8.0
$MU; $NVDA; MAG7
6/25/2026 7:00:37 PM
ndx
She notes mega-cap tech (Mag 7) are no longer top performers and rapid rotations persist, but the broader market broadening is positive. She does not explicitly call for a decline in NDX, but implies tech leadership is fading while other sectors take over.
rut
Small caps are sort of an overlooked story right now as well. We've seen a good performance in some of those names too.
| 6/17/2026 7:00:30 PM | short term up | 5 days later | -0.14% | -0.14% |
| 6/16/2026 3:33:45 PM | short term up | 5 days later | +2.96% | +2.96% |
| 6/16/2026 2:00:34 AM | short term cautious up | 5 days later | +2.96% | +1.48% |
| 6/15/2026 3:31:55 PM | short term up | 6 days later | +2.22% | +2.22% |
| 6/13/2026 2:00:23 AM | short term sharp up | 7 days later | +1.33% | +1.99% |
| 6/12/2026 2:00:09 AM | short term sharp up | 7 days later | +1.33% | +1.99% |
| 6/11/2026 2:00:05 AM | short term down | 5 days later | -0.88% | +0.88% |
| 6/9/2026 3:42:43 PM | short term up | 5 days later | +4.57% | +4.57% |
| 6/5/2026 4:00:33 PM | short term up | 7 days later | +3.84% | +3.84% |
| 6/5/2026 2:00:05 AM | short term up | 7 days later | +3.84% | +3.84% |
| 5/29/2026 3:30:30 PM | short term cautious up | 7 days later | -1.73% | -0.87% |
| 5/24/2026 4:30:31 PM | medium term up | 21 days later | +3.34% | +3.34% |
| 5/21/2026 3:30:57 PM | short term up | 5 days later | +1.77% | +1.77% |
| 5/19/2026 7:00:05 PM | short term cautious down | 5 days later | +1.84% | -0.92% |
| 5/9/2026 5:00:57 PM | medium term up | 21 days later | +1.22% | +1.22% |
| 5/8/2026 7:01:43 PM | short term cautious up | 7 days later | -3.33% | -1.66% |
| 5/7/2026 10:23:56 PM | short term cautious down | 5 days later | -0.60% | +0.30% |
| 4/24/2026 4:01:46 PM | medium term up | 21 days later | -0.47% | -0.47% |
| 3/28/2026 1:00:55 AM | short term up | 7 days later | +5.25% | +5.25% |
| 3/9/2026 3:30:01 PM | short term down | 6 days later | -1.76% | +1.76% |
| 3/3/2026 7:15:05 PM | short term down | 5 days later | -3.12% | +3.12% |
| 2/18/2026 5:01:08 PM | short term up | 5 days later | -0.48% | -0.48% |
| 1/27/2026 2:00:35 AM | short term down | 5 days later | -0.50% | +0.50% |
| 12/12/2025 11:34:07 PM | medium term cautious up | 21 days later | +0.68% | +0.34% |
| 12/11/2025 6:01:13 PM | short term up | 5 days later | -2.32% | -2.32% |
| 11/18/2025 6:00:07 PM | short term down | 5 days later | +2.83% | -2.83% |
yields
She expects a gradual Fed hiking path (slow escalator), which implies yields are likely to rise slowly over the medium term as the Fed tightens.
