Real Estate Select Sector SPDR Fund (The) (XLRE)

US homebuyers and refinancers took advantage of lower rates ahead of Fed's policy decision. Mortgage applications rose 11%, signaling housing market revival.

Utility stocks hit new highs amid trade policy uncertainty, with Utilities Select Sector SPDR Fund up 6.3% YTD. Constellation Energy Corp. jumps 11.87%.

Investors are pulling out of top tech ETFs, despite strong performance, in favor of blue-chip stocks. Defensive sectors see inflows as tech weakens.

Despite the best efforts of Elon Musk and the DOGE team, the US fiscal deficit for 2025 is $1.3 trillion so far, the second highest six-month level on record.

The market is unequivocally saying an economic slowdown is in the cards. You simply don’t get utilities and staples as the leaders in a strong tape.