Finding Defensive Positions Amid ‘The Most Hated Rally’

Michael Underhill points out that the latest GDP was driven more by AI spending than consumer spending. Investors are looking for defensive positions as “surgical” job cuts and tariffs hit the U.S. consumer; Michael points to utilities as a traditionally interest rate sensitive and defensive sector, even calling them “sexy” right now. On the current market: “It’s a hated rally, but you have to be on balance.”

Trading 360

08 Sep 2025

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