Tech is the biggest rates play of them all. Rotation and value, but tech-s sensitivity to rates is huge. Nobody has missed the relative bull in tech as part of the big rates moves lower. It is interesting to see everybody has been busy chasing rotation, but not NASDAQ lately...as rates have continued to fade.

As SAXO bank pointed out recently:

""Microsoft will lose or gain 544 bn. $ of market value on 100 bps move!"

Go figure....

NDX vs US 10 year.