Morning Dose #308: Rotation, Not Rout: Reading the Mega-Cap Capex Shakeout – Friday 7/24/2026

Episode summary

Tesla and Alphabet get crushed while the equal-weight S&P barely moves — the hosts unpack why this is a mega-cap valuation reset over AI capex spending, not a broad market breakdown. They break down the breadth signals, oil-driven bond moves, and a focused trading playbook built around continuation leaders ARGX, LLY, and CASY ahead of next week’s FOMC.