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Rotation swings around as Dow Jones outguns the Nasdaq 100
The impact of the US CPI data is not holding back the Dow Jones this afternoon and that kind of makes sense. At the same time the Nasdaq 100 is lower and what is happening right now; is that we have rotation out of tech and into the broader, cyclical recovery markets and usually favours the Dow Jones. The lower US inflation report and consequences of that entails in respect of lower Fed monetary policy is the driver there. Hence, the Dow Jones is rising above 39,850, whilst the Nasdaq 100 is turning even lower now and heading towards 20,500. The index opened today at 20,661 and only traded to a high at 20,671. That was some way short of the earlier implied high by there futures which was above 20,750. The Nasdaq 100 is currently trading at below 20,500
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