Tech correction accelerates, with semiconductors down 4.8%. On the heels of yesterday’s whipsaw in the market, where opening losses were largely erased by the end of the day, we find ourselves facing another strong pullback in tech this morning, and once again, things started to rebound in the first half hour.It appears to be a case of profit-taking in the semiconductors, which are now down 0.5% in the trailing week, but still up 14.4% in a month, +65.9% YTD. The difference today is we aren’t getting the pull of a strong Dow, which closed up 875 points yesterday. Also hitting the market today are higher interest rates. The US 10-year yield is up 6bps to 4.54%, the 2-year a whopping 10bps to 4.15%. The time you can’t blame oil prices, which are actually modestly lower today. Instead, it’s due to very strong job data, lowering expectations for a Fed rate cut.We’re also seeing major damage in alternative assets, with gold down 2.5%, silver down 6.2%, and copper down 3.2%. Crypto has been getting hammered, with Bitcoin now down below $61K, down over 51% from its high of last September, down 25% in a month, and down 17.6% in the last week. Ethereum is down 67% from its high, down 32.3% in a month. The buy-the-dip investors haven’t stepped up yet. But the trend remains positive, and hopes for a resolution in the near term with Iran remain. Keeping things in perspective, the Dow opened this morning at a new all-time high of 51,660 and is only down 171 points (0.3%) on the day.