Midday: Tech shakes out, defensives hold the line as yields stay elevated and oil fades on deal hopes
Rotation grows teeth after a hot jobs impulse. Health care, staples and utilities provide ballast while mega-cap tech and semis retrench. Gulf headlines rattle nerves, but crude slips as de-escalation talk lingers.
- Rotation hardens: health care, staples and utilities advance while tech and semis retreat.
- Benchmarks lower versus prior closes, led by a roughly 4.8% drop in QQQ and a 2.6% slide in SPY.
- Rates stay near cycle highs, with the 10-year around 4.47% and the 30-year near 4.97%.