Chipmakers and other tech names got absolutely rocked today starting at the 9:30am NYSE open. Hedge funds dumped semiconductors like a bad habit early and often (Sandisk down 20% anyone?!), and with tech comprising so much of the 2026 growth story, the rest of the stock market followed suit. Bonds were a hair weaker at 9:30am, but that rapidly changed due to the magnitude of the equity market exodus. Still, 10yr yields falling a mere 5-6bps is pretty underwhelming considering stocks had their worst day in over a year and hit their worst levels since April (NASDAQ specifically). Friday's jobs report is still a contender for volatility although any major swings in stocks should set the tone.
11/5/26 - Bond bullishness continues hinging on tech sector panic. Today brought plenty of that. Rates are at risk in the event of any major recovery in stocks, but at this point, the trend has been friendly enough for risk takers to wait until it shows clear signs of reversing. Data still matters as well and although the Fed is more focused on inflation side of its mandate, we'd never sleep on a jobs report (Friday morning) as a potential source of volatility.
