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SAP dip and broader tech/rate implications
Saw $SAP taking a bit of a hit today, down to 154.34. Not a massive move in isolation, but coupled with the general choppiness we're seeing in the broader tech space, it just reinforces the sentiment that growth names are still pretty sensitive to any sniff of higher-for-longer rates. The $MGC is up, sure, but that's a different beast. I'm keeping a very close eye on the bond market next week. If we get any hawkish surprise, it'll be interesting to see how tech reacts. My watchlist is skewed towards value and defensives right now, even if it feels a bit early for some.
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Yeah, it's definitely feeling like the market is still very much in tune with bond yields. Even these smaller dips in big names like SAP feel more significant when the macro picture is so uncertain. Are you looking at any specific yield levels next week?