What Happened

  • Several large-cap tech names issued cautious margin guidance.
  • Equities sold off with growth leading the decline.
  • Treasuries rallied and yields moved lower.
  • Equity volatility ticked higher into the close.

What It Means

  • Guidance risk is now the key driver for the tape.
  • Lower yields provide some cushion, but earnings matter more this week.
  • Higher volatility reflects uncertainty about tech leadership.

What I Think

  • I am trimming exposure to crowded growth until guidance stabilizes.
  • Value and defensives should outperform in this setup.
  • If yields continue to fall, the selloff could stay contained.

Market Terms

  • Guidance risk - Uncertainty about future earnings outlooks.
  • Growth leadership - Market direction led by high-growth sectors.
  • Volatility uptick - Rising expected price swings.