Hotter CPI, Rising Yields & Oil Weigh on Tech as Defensive Rotation Provides Support. Is a Major Yield Breakout Next?

Hotter-than-expected inflation data, rising Treasury yields, and higher oil prices weighed on Technology stocks. Rotational dynamics added a layer of support, enabling the major averages to close well above their session lows. The April CPI report showed headline CPI (0.6%) and Core CPI (0.4%) generally in line with month-over-month expectations, though the year-over-year rates increased…