While small caps rise, big tech is hit by stock rotation – US Market Wrap

Strong crosscurrents were buffeting US equities beneath a tranquil surface Thursday, as last year’s technology winners fell down and investors piled into energy producers, consumer goods companies, and small caps. The global bond market’s progress has paused.
The Nasdaq 100 fell 0.6%, capping a three-day rally, as technology behemoths Nvidia and Apple fell. Defense stocks rose in response to President Donald Trump’s pledge to increase military expenditure, while a small-cap stock index reached a new high as investors shifted their focus away from technology.
The rally in government debt has paused. The 10-year Treasury yield increased to 4.18% after reported layoffs at US corporations fell to a 17-month low in December, potentially soothing concerns of a harsher economic slowdown. Weekly unemployment claims increased less than predicted.