Bloomberg Surveillance · Monday, September 28, 2026
Nimra Kang notes that pain is evident in interest rate-sensitive and consumer-facing sectors, with consumer discretionary, utilities, real estate, and financials showing significant declines. However, the 'AI trade' and technology sectors, particularly semiconductors, are showing resilience and holding up the broader market, masking underlying weakness indicated by the S&P equal weight index.
“We are already seeing a lot of pain in a lot of interest rate sensitive and consumer facing sectors.”
“What's hiding it all is the resilience of the AI trade. And that's what you see the semiconductor sector, the technology sector continuing to do well.”
“But underneath the hood, look at the equal weight index, S & P equal weight index down almost three and a half, 4% since that period.”