There are so many things working this year. American Growth stocks are just not on the list.
The underperformance from this group is on another level. These are things that haven't been seen in 20 years.
Look at U.S. Technology hitting new cycle lows relative to the S&P500. The struggle has been real since last summer. And the selling has not slowed down.
Also notice how the High Beta Index is hitting new lows relative to Low Volatility.
Over half the S&P500 High Beta Index is in Technology.
Berkshire Hathaway, for example, which is hitting new all-time highs, is one of the largest component of the Low Volatility Index.
It's the High Beta stuff - Tech and Consumer Discretionary, that's leading the way lower in the United States.
Here is the Semiconductors Index peaking last summer relative to the S&P500 "in the middle of an AI Revolution" lol.
AI revolution. More like an AI hallucination...
There are so many things working in this market.
Every single sector in the U.S. is either flat or up in 2025, except for Technology and Consumer Discretionary which are both down double digits this year.
The "Dispersion", as they call it, is off the charts.
Gold is hitting new all-time highs. So is Copper. And Energy is now coming right behind it.
