Energy ripping +2.1% while utilities getting crushed -1.2%. The divergence tells the story.
PCG collapsed ~20% after California killed wildfire liability reforms. Multiple downgrades piled on. When policy risk becomes real, the market doesn't wait around.
Tech holding up at +0.3%. Everything else bleeding—industrials, comms, discretionary all red. Classic risk-off rotation into energy and out of growth.
Utilities usually hide during volatility. Not today.
PCG collapsed ~20% after California killed wildfire liability reforms. Multiple downgrades piled on. When policy risk becomes real, the market doesn't wait around.
Tech holding up at +0.3%. Everything else bleeding—industrials, comms, discretionary all red. Classic risk-off rotation into energy and out of growth.
Utilities usually hide during volatility. Not today.