Brian Szytel recaps a down, rotation-driven market day from West Palm Beach, with the Dow near flat, the S&P 500 slightly lower, and the Nasdaq weaker amid a sharp semiconductor sell-off (down 5–10%) even as some software and communication services names rose. He cites strong Korean AI chip export growth (70% year over year) but suggests investors may be pricing semis for perpetually outsized growth and reacting to signs of a peak growth rate. Inflation commentary helped rates ease slightly and the yield curve steepened marginally, though the 10-year Treasury ended around 4.48%. Economic data included ADP private payrolls at 98K (below expectations), ISM manufacturing at 53.3 (expansion), and weak construction spending, reflecting housing softness tied to higher rates. He previews a holiday-shortened week and Thursday’s nonfarm payrolls report.Links mentioned in this episode:DividendCafe.comTheBahnsenGroup.com