December turned risk-off after the Fed indicated only two rate cuts were likely next year, causing the S&P 500 to fall 2.5%. Outperformance was weak with only 12 of 48 (25%) themes outperforming the S&P 500, the third-worst breadth in 11 months. Tech was a bright spot, accounting for nine of the 12 outperforming themes. More than 50% of Tech themes outperformed (4th straight month), the best since 2020.
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