U.S. Consumer Strategy: How to treat a touch of the midterm/Hormuz blues ... a buying opp in Discretionary?

The U.S. Consumer Discretionary sector has underperformed the market over the past quarter, while U.S. Consumer Staples have been more of a mixed bag, but have still underperformed the broader market. This no longer seems to be about being on the opposite end of the seesaw from the tech sector, which has itself been fairly lackluster this past quarter. Instead, it may be linked to investor concerns about the outlook for the broader market given the recent increase in interest rates, uncertainty about the upcoming midterm elections and the potential trajectory for gas and commodity prices, as well as the unpredictable global weather patterns that could arise from the "Super El Nino". We have seen a very, very sharp convergence in P/FE multiples across both sectors over the past quarter, which is something we have seen before previous market drawdowns, indicating a high level of unease amongst investors as economic indicators weaken. So now the U.S. Consumer Discretionary space is sittin