A large rotation out of popular tech stocks into smaller market cap stocks and underperforming sectors like real estate and regional banks marked the week. Nvidia shed -10%, Amazon dropped -6% despite setting a new $14B record for Prime Day sales, Microsoft lost -3.5%, Super Micro Computer fell -15%, Apple fell -5%, and Google and META fell -4 percent. 

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Despite hitting new highs early in the week, the NASDAQ and S&P 500 both ended the week with losses.

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This rotation is a normal process among wealth managers and does not mean there are no buyers left - it just means the sellers are driving price action while buyers wait for the selloff to complete before moving in to pick up shares at cheaper prices.

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