TLDR
We started the day with good news via $TSM reporting June revenue up 6.2% MoM and 68% YoY, another strong data point for the semiconductor cycle. It quickly went down from there. The theme of the day was to sell everything.
Fundamentals remain strong, but the prospect of higher inflation -> rate hikes is worth monitoring.
Equities
Everything is down. Unsurprisingly, tech and AI led the sell-off with SOXX down almost 5%, Nasdaq down ~2%, and the equal-weighted S&P 500 faring the best basically flat on the day.
A 40% jump in volume on $XLK is pretty big - the$XLE jump is to be expected given the circumstances.
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For informational purposes only — not investment advice.