News Summary

• The tech sector had a rough week, but resilience in other areas of the market show a broad rotation is underway.
• The ongoing AI-induced memory shortage has contributed to the recent market moves, but experts flagged rotation as the larger theme hitting equities.
• The Magnificent Seven— Nvidia, Amazon, Microsoft, Meta, Alphabet, Apple, and Tesla —were some of the weakest performers in recent trading sessions.
• "Rotation remains a key theme in this equity market and that is evident," Rob Haworth, US Bank Asset Management senior investment strategy director, said.