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Yuriy Matso highlights a significant shift in the S&P 500, noting that the share of index members whose beta to SPY is below zero rose to 43% by the end of September 2026.
This marks a sharp increase from previous highs of 17.3% in August 2024, 14% in January 2020, and 10.7% at a prior point. A beta below zero indicates these companies tend to move in the opposite direction to SPY.
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Matso has recently tracked other major market developments. He reported that the diesel crack spread climbed to $113 a barrel, citing potential cost pressures for transportation and agriculture. In a separate update, he observed a Fed rate hike following a $130 jump in Brent, with real yields reaching their highest level since 2008.