WS #8996

The dominant market narrative is a rotation out of technology and semiconductors into financials and healthcare, driven by Broadcom's disappointing AI-revenue forecast and a broader tech selloff. UnitedHealth is surging after a BofA upgrade to Buy with a $450 target, and JPMorgan is rising on rotation flows. Crypto assets continue to plunge, with Bitcoin hitting 4-month lows and over half of Bitcoin in circulation underwater. Geopolitically, Putin's comments on Russia-China energy cooperation and Ukrainian drone strikes on St. Petersburg's oil terminal are notable, but the immediate market impact is muted by the tech rotation theme. The House passed a resolution to withdraw US forces from Iran, but this is a political development with limited near-term market reaction. John Bolton's plea deal on classified documents is a political story, not market-moving. The IPO of Quantinuum opened above its $60 price, indicating some demand for quantum computing exposure.