Big-Tech Bid, Banks Battered As Agentic Anxiety Spreads; Oil Drops, Everything Else Flops

Tl;dr: Agentic anticipation (and anxiety) was behind today's main story: dispersion as big-tech (beneficiaries) was bid again while banks (disrupted) were battered. Nasdaq was the big gainer (new record high), The Dow the biggest loser and the S&P flat (as high-low shifts were ominous). Away from stocks, gold, crypto, and bonds basically flat with dollar up as Trump triggered some late-day vol (oil down, stocks up, yields down) on Iran talks optimism, diesel ban banter.

Energy