In a week when both the Dow and S&P reached new record highs on Thursday, the market’s focus shifted to the so-called “rotation trade” away from tech, offering insights into the US economy and its cross-border spillovers. For the week, the Nasdaq fell some 1.5% while the Dow rose over 1%. The selloff in tech was led by companies that, despite posting solid earnings, raised concerns over revenue (Oracle) and margins (Broadcom). Conversely, consumer-oriented names (such as Costco) performed well, signaling the resilience of households as drivers of economic growth even as AI-related investment spending remains robust. (full story)