Equity Rally Fades Amid Rising Rates and Mixed Tech Results👀
Higher rates took the shine off equities somewhat, which staged a strong 1.3% intraday rally post the initial retail sales dip (is good news still bad news? or is good news actually good now?), before easing off to close slightly down on the session on the continued meltdown in bonds. While bank earnings continued to be relatively decent with Bank of America beating estimates handily, a 4.5% dip in Nvidia stocks dragged the entire Tech complex weaker after the US restricted some sales of the company's made-for-China chips.
