Tech-tonic Shifts… Things are definitely starting to feel a little unstable around here. Once the beneficiary of being pulled higher by weighty Tech, US indices are feeling a little seasick as it’s been a rough ride this week dealing with some heavy doses of Rotation. After the Nasdaq Composite closed below its 13k support level yesterday, the index is again dictating the pace: it first rallied over +2% from early session lows, only to fall even further over the last 2 hours as the 10-year yield jumped from 1.48% to 1.54% in a matter of minutes as Powell spoke (more on that below). We’re not in full panic mode yet, but it’s getting ugly and cushions are running thin as the S&P and CCMP are now negative ytd, and the high-flying Nasdaq 100 is now in correction territory (worse than -10% from Feb peak).
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