2026-10-12 · Tech Steps Back Before CPI
A flat market hid a clear rotation: money left tech for industrials and real estate, two days before September inflation.
The Signal
The broad market closed flat on Columbus Day, with blue chips up and the Nasdaq down. More stocks saw money flowing out than in, but far more names are making higher lows than new lows. Over the past week, early bullish turns cluster in industrials and real estate, and early bearish turns cluster in technology.
The Noise
A flat close reads like a quiet day. It was not: tech gave ground while older-economy names gained, with September CPI due Wednesday and…
The skinny
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