Rotation Nation

Welcome to LazyListen. This is The Daily Rip for today. Markets closed mixed Thursday as investors rotated out of crowded tech names and into financials, healthcare, and real estate.

The Dow hit another record, climbing one and three-tenths percent, while the S&P 500 edged up four-tenths of a percent. Small caps gained one and a half percent, but the tech-heavy Nasdaq 100 slipped about half a percent. Falling oil prices and lower bond yields helped non-tech sectors find footing, making this more of a targeted rotation than a broad risk-off move.

The standout theme was a clear shift away from the most crowded artificial intelligence winners, especially after Broadcom’s earnings disappointed. I. chip sales forecast.

That dragged semiconductor stocks lower, with the SOXX ETF down two percent and Micron off nearly eight percent. I. buildout.

Blackstone, Apollo, Goldman Sachs, JPMorgan, and American Express all rallied, with Blackstone up over seven percent. I. XPU platform” supported by private credit investors ready to deploy massive compute capacity through 2028, including Apollo’s initial tranche valued around thirty-five billion dollars.

I. expansion is as much about financing as it is about hardware. I.

compute power, and private credit is stepping in to fill that gap. Google’s recent eighty billion dollar stock raise and earlier debt issuance underscore the scale of this capital demand. In earnings after the bell, Lululemon’s stock dropped eleven percent despite beating estimates.

The athletic apparel company’s revenue rose about four percent year over year, but its guidance showed North American sales slowing, with comps down five percent. S. market.

The market is split on whether this is a buying opportunity or a deeper reset. DocuSign also slipped nearly three percent after reporting solid revenue growth of nine percent and strong free cash flow. I.

to accelerate adoption beyond its current base. Despite the selloff, the community remains bullish, pointing to buybacks and cash flow strength. I.

data-center connectivity, fell almost fourteen percent after a strong quarter. Revenue jumped forty percent, and guidance was raised for fiscal 2026, but the stock had been priced for perfection. I.

infrastructure stocks, as investors reassess valuations after big gains. On the broader market front, financials led the charge with solid gains across banks, payments, and capital markets. Goldman Sachs rose five percent, American Express four percent, and JPMorgan three percent.

I. expansion, funding the buildout through private credit and capital markets activity. In other movers, UnitedHealth jumped five percent after Bank of America upgraded shares on improving cost trends.

Merck also popped nearly five percent following strong Keytruda sales and raised guidance. On the downside, Chipotle fell two percent amid ongoing portion size complaints, Verizon dropped nearly four percent amid scrutiny over Starlink’s IPO plans, and Rubrik fell six percent despite beating earnings estimates. Looking ahead to tomorrow, the market will focus on key economic data with the June nonfarm payrolls report, unemployment rate, average hourly earnings, and labor force participation rate all due at twelve thirty Eastern.

Earnings to watch include Tuniu, G-III Apparel, ABM Industries, and Here Group before the open, with Confluent reporting after the close. I. I.

capital cycle. I. boom.

I. infrastructure. That’s your Daily Rip market recap.

Catch you next time. Thanks for listening. Catch you next time on LazyListen.