2026-05-13
Daily Report
2026-05-13
Technology led the session at +0.94%, while Utilities lagged at -1.15%, with WCLD -2.52% setting the thematic tone.
SPY +0.56% QQQ +1.06% 15 qualifying setups
Market Signal
RISK ON
Score 0.55
Generated
2026-05-13 18:48
Static build timestamp
Leaders
Technology
Best-performing sector today
Lagging
Utilities
Weakest sector on the tape
Overview
Index & Macro Snapshot
Core benchmarks, volatility, and curve shape for the session.
S&P 500
$742.31
+0.56% today · +8.95% YTD
Nasdaq 100
$714.71
+1.06% today · +16.72% YTD
Russell 2000
$282.67
+0.04% today · +13.82% YTD
Dow Jones
$497.14
-0.15% today · +3.22% YTD
VIX
17.87
+2.76% over 5d
10Y Treasury
4.48%
Long-end benchmark
2Y Treasury
3.60%
Policy-sensitive front end
2s/10s Curve
+88bps
Normal / steepening
Tape Read
What's Moving Markets Today
Daily strategist letter and the cross-sector spreads behind today's tape.
Strategist Letter · 2026-05-13
Morning Note
The tape is trading risk on (composite score +0.55), with SPY +0.56%, QQQ +1.06% and IWM +0.04% on the session. Universe breadth sits at 48% above 50-day and 53% above 200-day, and VIX prints 17.87 (+2.8% over five sessions). At the GICS sub-industry level, leadership concentrated in Electronic Components (+5.05%), Automobile Manufacturers (+4.39%), Electronic Manufacturing Services (+4.07%), Interactive Media & Services (+3.64%). On the laggard side, Trading Companies & Distributors -6.10% headed the weak list. No industries crossed into the Leading RRG quadrant in the last five sessions. Cross-asset color: the dollar (UUP) +0.22%; long bonds (TLT) -0.22%; high yield (HYG) +0.05% — credit stress widening; crude (USO) -1.57%; gold (GLD) -0.56%; bitcoin (BITO) -1.45%. The 2s10s curve sits at +88bps. Risks worth tracking: and 200-day breaks in Building Products, Passenger Airlines, Broadline Retail; the breadth tape shows 6 new stock-level golden crosses against 16 death crosses. Catalysts in the wires: on geopolitics: 'Datadog stock soars 31% on blockbuster earnings as AI winners emerge in software' [CNBC]; on Fed / macro: 'Fed's Collins: Sees some scenario where the Fed could be tightening' [CNBC]; on AI / tech: 'An under-the-radar AI stock just delivered the best quarter of the chip sector' [CNBC]; on energy: 'From panic to pricing in: Are markets past 'peak fear and sell-off' despite oil price surge?' [CNBC]. Positioning takeaway: lean into Technology pockets where breadth is improving and trim exposure in Utilities until 200-day support is reclaimed.
Cyclicals vs Defensives
mixed
Cyclicals (-0.07%) are leading Defensives (-0.26%) by 0.20pp.
Mixed leadership — the tape can't pick a regime.
Semis vs Software (AI capex theme)
risk-on
SMH +2.00% vs IGV -0.94% — spread +2.94pp.
Hardware/infrastructure leg of AI is bid — capex theme intact, hyperscaler spend cycle on.
Energy vs Utilities
neutral
XLE +0.10% vs XLU -1.15% — spread +1.25pp.
Inflation reflation/commodity bid; favours real-asset exposure and pricing-power names.
Small caps vs Large caps (IWM vs SPY)
risk-off
IWM +0.04% vs SPY +0.56% — spread -0.52pp.
Mega-caps doing the lifting — narrow tape, breadth divergence is a yellow flag.
Stocks vs Bonds (SPY vs TLT)
neutral
SPY +0.56% / TLT -0.22% — inverse.
Classic stocks/bonds correlation working — risk-on means TLT down, risk-off means TLT up.
Dollar vs Equities
neutral
UUP +0.22% / SPY +0.56%.
Dollar strong with equities up = US exceptionalism / yield-driven, watch EM.
Gold vs Equities
risk-on
GLD -0.56% / SPY +0.56%.
Gold sold while equities rally — risk-on rotation out of safe-haven.
Credit vs Treasuries (HYG vs IEF, 5d)
risk-on
HYG 5d -0.31% vs IEF 5d -0.72% — spread +0.41pp.
Credit tightening / risk premia compressing — bullish for equities.
Momentum vs Min Vol
risk-on
MTUM +0.71% vs USMV -0.19% — spread +0.90pp.
Trend-followers in control — leadership names extend, junk reflation often follows.
Cross-Sector Synthesis
The cross-sector tape is unambiguously risk-on. Cyclicals vs Defensives: Cyclicals (-0.07%) are leading Defensives (-0.26%) by 0.20pp. Mixed leadership — the tape can't pick a regime. Semis vs Software (AI capex theme): SMH +2.00% vs IGV -0.94% — spread +2.94pp. Hardware/infrastructure leg of AI is bid — capex theme intact, hyperscaler spend cycle on. Energy vs Utilities: XLE +0.10% vs XLU -1.15% — spread +1.25pp. Inflation reflation/commodity bid; favours real-asset exposure and pricing-power names.
Moving-Average Events
Industry 200d reclaims: Diversified Support Services, Soft Drinks & Non-alcoholic Beverages, Multi-line Insurance, Broadcasting, Systems Software; Industry 200d losses: Building Products, Passenger Airlines, Broadline Retail, Soft Drinks & Non-alcoholic Beverages, Consumer Staples Merchandise Retail; Industry EMA(12/26) bear crosses: Construction Materials, Oil & Gas Exploration & Production, Transaction & Payment Processing Services, Soft Drinks & Non-alcoholic Beverages, Personal Care Products. Stock-level: 6 new golden crosses, 16 new death crosses across the S&P 1500 in the last 5 sessions.
News Flow
Catalysts driving the tape
117 relevant headlines across 5 sources, theme-tagged.
Headlines grouped by what's actually moving the market: geopolitics, Fed/macro, AI/tech, earnings, energy, regulation. Each headline is tagged to the sectors it most likely impacts. Urgency markers (!) indicate market-moving signals.
Geopolitics
12
Fed / Macro
11
AI / Tech
12
Seeking Alpha Markets ! MED Technology Communication Svcs
Earnings
12
Energy / Oil
5
CNBC Technology Energy Communication Svcs
China / Trade
10
Healthcare
5
CNBC Technology Health Care Cons. Discretionary
CNBC Technology Health Care Industrials
Crypto
7
Mergers & Acquisitions
1
Regulation
2
Seeking Alpha Markets ! MED Technology Communication Svcs
Narrative
Sector Commentary
GPT-5.4 commentary grounded in the market inputs for this session.
Technology led the session at +0.94%, while Utilities lagged at -1.15%, with WCLD -2.52% setting the thematic tone.
Technology +0.9%
Technology led the sector leaderboard at +0.94% as the strongest large-cap gainers were MRVL +8.18%, ARM +6.39%, PANW +5.65%.
Utilities -1.1%
Utilities was the weakest major group at -1.15% with pressure concentrated in ACN -5.97%, PLTR -4.37%, SPGI -4.15%.
AI / Tech — Cloud Computing -2.5%
WCLD moved -2.52% on the day and -4.73% over 5 days, giving the market a clear read on thematic leadership.
Factor & Regime +0.7%
Momentum led the factor complex at +0.71% while Low Vol trailed at -0.52%. Market signal registered RISK ON at +0.55.
Industry Leaders — Electronic Components +5.0%
At the GICS sub-industry level, leadership came from Electronic Components +5.05%, Automobile Manufacturers +4.39%, Electronic Manufacturing Services +4.07%. Universe breadth: 48% of S&P 1500 names above their 50-day MA, 53% above the 200-day.
Industry Laggards — Trading Companies & Distributors -6.1%
Weakest sub-industries today: Trading Companies & Distributors -6.10%, Research & Consulting Services -4.37%, IT Consulting & Other Services -4.05%.
Moving-Average Cross Events +0.0%
Industry 200d reclaims: Diversified Support Services, Soft Drinks & Non-alcoholic Beverages, Multi-line Insurance, Broadcasting, Systems Software; Industry 200d losses: Building Products, Passenger Airlines, Broadline Retail, Soft Drinks & Non-alcoholic Beverages, Consumer Staples Merchandise Retail; Industry EMA(12/26) bear crosses: Construction Materials, Oil & Gas Exploration & Production, Transaction & Payment Processing Services, Soft Drinks & Non-alcoholic Beverages, Personal Care Products.
Geopolitics +0.0%
12 active headlines tagged Geopolitics. Top items: [CNBC] Datadog stock soars 31% on blockbuster earnings as AI winners emerge in software; [MarketWatch Top] April’s inflation spike leaves Warsh and the Fed zero excuses not to raise rates
Fed / Macro +0.0%
11 active headlines tagged Fed/Macro. Top items: [CNBC] Fed's Collins: Sees some scenario where the Fed could be tightening; [CNBC] Energy exposure will boost returns amid inflation spike, says UBS lead portfolio manager
AI / Tech +0.0%
12 active headlines tagged AI/Tech. Top items: [CNBC] An under-the-radar AI stock just delivered the best quarter of the chip sector; [CNBC] Alibaba's core profit plunges 84% as CEO defends AI investments
Earnings Tape +0.0%
12 active headlines tagged Earnings. Top items: [CNBC] Hims & Hers plummets 13% after first-quarter loss, weak earnings guidance; [CNBC] Nintendo plunges 8% after Switch 2 price hike and weak sales forecast
Sector Breadth
Technology
+0.94%
Communication Svcs
+0.78%
Health Care
+0.59%
Cons. Discretionary
+0.36%
Cons. Staples
+0.33%
Energy
+0.10%
Materials
-0.15%
Industrials
-0.42%
Real Estate
-0.83%
Financials
-1.14%
Utilities
-1.15%
Top Movers
MRVL
MRVL
+8.18%
ARM
ARM
+6.39%
PANW
PANW
+5.65%
ZS
ZS
+4.28%
CME
CME
+3.98%
ACN
ACN
-5.97%
PLTR
PLTR
-4.37%
SPGI
SPGI
-4.15%
DASH
DASH
-3.94%
BKNG
BKNG
-3.44%
Scan Output
Full Breakout Table
Composite score combines relative strength, base quality, trend structure, and stage confirmation.
# Ticker Name Sector Score RS Base Trend Stage 2 Price 52W High vs High Avg Vol Vol/Avg
1 FLEX Flex Ltd. Technology
82.5
100.0 50.0 100.0 ✓ $143.80 $145.07 -0.9% 4.5M 2.00x
2 CYTK Cytokinetics, Incorporated Healthcare
77.8
83.7 55.3 100.0 ✓ $77.22 $77.22 +0.0% 2.6M 1.87x
3 AKAM ★ 3d Akamai Technologies, Inc. Technology
76.4
84.7 50.0 100.0 ✓ $161.14 $161.14 +0.0% 5.5M 2.17x
4 NXT Nextpower Inc. Technology
76.1
85.1 48.7 100.0 ✓ $136.37 $136.37 +0.0% 2.0M 1.83x
5 GLW Corning Incorporated Technology
74.3
100.0 26.6 100.0 ✓ $206.51 $207.39 -0.4% 13.1M 1.53x
6 SITM SiTime Corporation Technology
74.3
100.0 26.7 100.0 ✓ $835.31 $901.48 -7.3% 486K 1.53x
7 VSTS Vestis Corporation Industrials
73.1
76.6 50.0 100.0 ✓ $11.25 $12.00 -6.2% 1.5M 2.25x
8 DDOG Datadog, Inc. Technology
72.0
89.3 50.0 75.0 ✓ $205.31 $205.31 +0.0% 5.3M 2.06x
9 ON ON Semiconductor Corporation Technology
71.4
98.4 20.1 100.0 ✓ $115.71 $115.71 +0.0% 10.1M 1.40x
10 SATS EchoStar Corporation Communication Services
70.0
100.0 14.4 100.0 ✓ $133.23 $135.11 -1.4% 6.5M 0.78x
11 MAC The Macerich Company Real Estate
68.4
59.3 56.3 100.0 ✓ $21.97 $22.30 -1.5% 2.5M 1.83x
12 VTRS Viatris Inc. Healthcare
67.6
69.5 42.3 100.0 ✓ $17.37 $17.39 -0.1% 11.2M 1.71x
13 AAON AAON, Inc. Industrials
66.6
60.3 50.0 100.0 ✓ $135.37 $141.70 -4.5% 1.0M 2.74x
14 QCOM QUALCOMM Incorporated Technology
65.7
73.6 50.0 75.0 ✓ $213.17 $237.53 -10.3% 18.3M 2.18x
15 BWA BorgWarner Inc. Consumer Cyclical
65.3
66.3 39.3 100.0 ✓ $66.87 $66.87 +0.0% 2.5M 1.76x