Market Update -Rotation to Defensive, Value, High Beta and Weakness In Chipmakers

1:31 p.m. ET Tech names gave back the bulk of yesterday’s gains in early trade, with considerable weakness among chipmakers and other AI plays. Nvidia (NVDA -4%)is a key fulcrum in Semi weakness. Weaker retail sales and consumer confidence, with a mixed PPI print further support rate cut hopes, but probabilities are little changed from…