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Craig Shapiro, industry influencer, highlights a strong rotation into quality growth stocks as a key driver for ES gains. He notes that semiconductor and industrial sectors, with notable performance in XLI and XLK, signal increased institutional conviction in AI infrastructure spending.
Meanwhile, the sharp decline in the energy sector, represented by XLE, points to broader commodity deflation pressures within the market.
Shapiro previously reported ES moving toward 7,100 support on April 28, as defensive sectors like energy and staples outperformed tech in earlier sessions. He also provided afterhours coverage of Big Cap Tech earnings and the FOMC meeting recap on NTLiveMedia. These updates follow recent shifts in sector leadership highlighted in the current rotation.