Tech Wrecked Again As AI Credit Cracks Widen; Doves & Diesel Battle Over Bonds

Tl;dr: The cracks are widening in credit-land and tech stocks continue to lag (SPX unch, NDX weak with AI ugly but Mag7 still the 'last man standing') as bonds reopen mixed (long-end bid, rate-hike odds marginally higher on mixed FedSpeak) but yield trended higher all day as oil also rebounded from overnight lows (amid doubts over Ukraine-Russia deal, no signs of any resolution in Hormuz, Saudi strikes Yemen, as physical barrels remain tight). The dollar dipped overnight, sparking a bid in gold and bitcoin, but that faded as US markets opened.

Bonds beat-up tech as tankers burn and war widens...

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