The Weekly Close: Defensives Surge as Chip Stocks Slide
S&P 500 weekly gains hit 1.3% as telecom towers and utilities rallied while Arm, Intel and Seagate led a chip-sector slide.
Markets
Delayed · 01:07 UK
Financial News
Martin Holloway spent the better part of two decades on bank trading floors in the City before he started filing copy. He read Economics at a redbrick university, joined a graduate scheme at one of the UK clearers in the late 1990s, and moved across to fixed income early in his career. The bulk of his time was on macro desks at European banks, running short-end and cross-asset positions through the 2008 crisis and the long grind of the post-crisis rates regime. He stepped off the desk toward the end of the last decade, did a stint consulting on the buy side, and started writing in 2020. He covers the bits of the City he actually knows: rates, FX, UK banks, gilt issuance, and the corporate news that moves them. He has a working theory about why nobody on the sell side saw the 2022 gilt crisis coming, and is happy to share it at moderate length. Martin lives in the South East with his family. He reads the FT in the morning out of habit rather than affection, and treats most market commentary as marketing collateral written by people who have never held risk overnight.
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S&P 500 weekly gains hit 1.3% as telecom towers and utilities rallied while Arm, Intel and Seagate led a chip-sector slide.
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