Jan. 19, 2026 8:15 PM ETS&P 500 Futures (SPX), SP500, DJI, NDX, RTY, SPY, DIA, QQQ, IWM, IVV, VOO, US10Y, XLKMU, TLT, SPTL, VGLT, VLGSX, VUSTX, PRULX, VEDTX, FBLTX, PEDIX, VO, MDY, IJH, IWR, BMVP, FNX, EZM, CSD, CZA, BUL, XJH, IMCB, IVOO, GRPM, SCHM, ONEO, EQAL, REGL, PTMC, JHMM, DEUS, XMHQ, FLQM, FTDS, JPME, FSCS, USMF, SPMD, VFMF, VFMV, VFQY, FSMD, SFYX, TPLC, AFMC, PAMC, SIXL, BKMC, QVMM, BBMC, MIDE, VXF, IJK, IWP, VOT, RFG, FAD, FNY, IPO, CWS, IMCG, MDYG, IVOG, XMMO, BFOR, ARKK, FFTY, ETHO, QMOM, JSMD, NUMG, HAIL, VFMO, PEXL, BOUT, KOMP, QQQJ, MID, FRTY, PY, PEY, IJJ, IWS, VOE, DIV, DON, FAB, RWK, IMCV, MDYV, IVOV, XMVM, XMLV, SYLD, VUSE, QVAL, ONEV, ONEY, NUMV, WBIY, SDVY, VFVA, DVLU, DDIV, VRAI, HOMZ, TPHD, TMDV, LSAT, RSPT, FFSM, UPGD, IWN, SMH, IDGT, IGM, IXN, IYW, VGT, IGV, PSI, IGPT, KNCT, FDN, XSD, PTF, FXL, XSW, AIQ, BUG, TDV, XNTK, QTEC, PNQI, PSCT, NXTG, SOXX, GAMR, SKYY, SOCL, TDIV, FTEC, ARKQ, ARKW, HACK, CIBR, ITEQ, XITK, PRNT, FINX, SNSR, FTXL, FITE, DTEC, IZRL, BLOK, BLCN, LEGR, ROBT, IETC, OGIG, ARTY, LOUP, QTUM, ESPO, ARKF, CLOU, IHAK, WCLD, HERO, FNGS, LRNZ, WUGI, THNQ, TECB, ANEW, ARKX, GINN, WCBR, DAPP, ILDR, SOXQBrian Gilmartin, CFA11.12K FollowersCommentsThe 10-year Treasury yield jumped late Friday, January 16th, and ended up closing above the 4.20% yield level for the first time in several months.Tech sector growth rates are still rising, and 2025’s expected tech sector EPS growth of 25% (as of this weekend) is still expected to be exceeded by 2027’s +31% EPS growth.In cycles like the late 1990s and AI today, the semiconductor sector can generate extraordinary return-on-invested-capital (ROIC) returns, and then generate losses after the cycle has peaked.Getty ImagesAs an aside, the 10-year Treasury yield jumped late Friday, January 16th, and ended up closing above the 4.20% yield level for the first time in several months. Didn’t see any specific news on why the yield jumped like that, but the equityThis article was written byBrian Gilmartin, CFA11.12K FollowersBrian Gilmartin, is a portfolio manager at Trinity Asset Management, a firm he founded in May, 1995, catering to individual investors and institutions that werent getting the attention and service deserved, from larger firms. Brian started in the business as a fixed-income / credit analyst, with a Chicago broker-dealer, and then worked at Stein Roe & Farnham in Chicago, from 1992 - 1995, before striking out on his own and managing equity and balanced accounts for clients. Brian has a BSBA (Finance) from Xavier University, Cincinnati, Ohio, (1982) and an MBA (Finance) from Loyola University, Chicago, January, 1985. The CFA was awarded in 1994. Brian has been fortunate enough to write for the TheStreet.com from 2000 to 2012, and then the WallStreet AllStars from August 2011, to Spring, 2012. Brian also wrote for Minyanville.com, and has been quoted in numerous publications including the Wall Street Journal.Comments