Sonders sees a broadening out trade happening with fits and starts, not linearly. She believes there will be continued rotations providing leadership outside mega-cap tech, though a large-cap bias remains. On energy, she cautions that lower oil prices don't represent a significant tailwind for the economy or inflation, as AI-driven pressures are also at play. For the Fed under Warsh, she expects no definitive announcements but will watch for comments on balance sheet, press conference frequency, dot plot, and SEP.
Yields
implicit
implicit
Metals
USD
Charles Schwab
7.8
Asset Manager $890.00B
Liz Ann Sonders 8.5
Asset Manager $890.00B
Liz Ann Sonders 8.5
6/17/2026 1:33:47 AM
ndx
Sonders believes in a broadening trade that will provide leadership outside mega-cap tech, implying the NDX (dominated by mega-caps) may not lead but could still rise cautiously as part of a broader market advance.
rut
Even the Russell 2000 is outperforming the S&P this year by a fairly wide margin.
| 5/29/2026 3:30:30 PM | short term cautious up | 7 days later | -1.73% | -0.87% |
| 5/21/2026 3:30:57 PM | short term up | 5 days later | +1.77% | +1.77% |
| 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% |
wti
Sonders cautions that lower oil prices are not a significant tailwind and that the economy proved resilient even at higher prices, suggesting she does not see a strong directional move from current levels.
