Liz Ann Sonders told CNBC that market rotation is “the new momentum trade” and expects leadership to keep spreading, with breadth improving even if the AI trade winds down. Year to date, Exxon Mobil is up 43.36%, Freeport-McMoRan has gained 60.85% over the past year, and the Vanguard Value ETF is up 22.44% in 2026, with earnings support such as Exxon's $19.10B of third-quarter free cash flow and Freeport's $6.54/lb copper realized price. Caterpillar illustrates the risk: revenue rose 17.3% to $20.68B and its backlog hit a record $78 billion, yet shares are down 29.94% over the past month after Reuters reported the company kept its annual sales forecast. The article notes that market-cap-weighted index funds lean heavily toward megacaps, and that low-cost value and small-cap funds such as VTV (0.03%) and IWM (0.19%) can lag for long periods. Key catalysts include Freeport's decision on a roughly $4.5B Baghdad expansion in Q4 2026.
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capital flowsmininginvestment trustsExxon Mobil
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Related tickers and likely impact
JPM
• NeutralJPMorgan Chase
Relevance: low
| Market | US stocks |
|---|---|
| Sector | Financials |
| Industry | Diversified Banks |
| Market cap | $913.3B |
| Close on 11/04/2026 | 352.19 |
| Change that session | +4.20% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
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