From Asian AI Hype to Venezuelan Resource Rush: Cyclicals Lead Risk-On Rotation

While today has a risk-on bias with Defensive sectors lagging, the focus shifted dramatically from pre-market’s AI optimism, to a gold rush of Venezuelan investment opportunities benefitting cyclicals. Meanwhile, U.S. Manufacturing PMI sinks to the lowest since October 2024, and volatility displays relative strength.  Semiconductor stocks like AMD, MU and NVDA started  with an abundance…