WS #12906

The dominant signal in this window is the escalating tech selloff, with the Nasdaq 100 on track for a correction as AI investment payoff concerns sour sentiment on mega-cap tech. This is corroborated by a Deutsche Bank price target cut on Tesla (TSLA) citing lagging robotaxi progress, and a broad semiconductor rout (Micron -9.1%, Teradyne -10.4%, LRCX -8.8%, NVDA -5.9%) extending losses amid fears of Chinese competition from CXMT. However, there are notable counter-signals: Illinois Tool Works (ITW) raised full-year guidance after a strong earnings beat, lifting industrial sentiment, and CenterPoint Energy (CNP) hit an all-time high on data center demand. Geopolitically, a U.S. appeals court upheld parts of Trump's executive order targeting mail voting, adding political uncertainty, while the American Red Cross declared a nationwide blood crisis. The Fed rate decision remains the key macro event, with Polymarket bets heavily skewed toward no change. The narrative arc is one of tech weakness escalating, but with industrial and energy sectors showing resilience.