Latest / MPC Markets Morning Call
is the Chip Stock Run Over?
The semiconductor rally that powered Wall Street to record highs has stalled. Apple fell 3.6% on a tepid WWDC, the SOX index dropped 2%, and the Nasdaq is down nearly 5% in five days. The US launched retaliatory strikes on Iran after an Apache helicopter was downed over the Strait of Hormuz — yet oil barely moved. Tonight's US CPI (consensus 4.2%) sets the scene for next week's Fed meeting.
In this episode:→ Why the entire S&P rally since February is AI stocks alone→ Sector rotation into defensives — tech's 10-week run breaks→ Oil's bizarre non-reaction to US-Iran escalation→ SpaceX at 100x…
The skinny
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