Week of 13 July - 17 July 2026 | Rotations are playing out

In this edition of Amundi's Weekly Market Directions: 

  • The start of earnings season has been accompanied by greater dispersion in performance across and within sectors.
  • At the sector level, previously lagging areas are starting to lead. Within the AI trade, investors are rotating from the most expensive segments towards other parts of the value chain.
  • Amid widening dispersion, investors should focus on quality stocks and sector diversification*.
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Monica Defend

Monica Defend

Head of Amundi Investment Institute

Beyond the surface of overall calm markets, rotations are playing out. Investors should position for a broadening of equity markets by diversifying their exposure and focusing on structural resilience, pricing power and companies’ ability to absorb shocks.

Monica Defend, Head of Amundi Investment Institute

Read the full weekly market directions

* Diversification does not guarantee a profit or protect against a loss.

Unless otherwise stated, all information contained in this document is from Amundi Asset Management S.A.S. and is as of 20 July 2026. Diversification does not guarantee a profit or protect against a loss. The views expressed regarding market and economic trends are those of the author and not necessarily Amundi Asset Management S.A.S. and are subject to change at any time based on market and other conditions, and there can be no assurance that countries, markets or sectors will perform as expected. These views should not be relied upon as investment advice, a security recommendation, or as an indication of trading for any Amundi product. This material does not constitute an offer or solicitation to buy or sell any security, fund units or services. Investment involves risks, including market, political, liquidity and currency risks. Past performance is not a guarantee or indicative of future results.
 

Date of first use: 20 July 2026

Doc ID: 5759732