The stock market rotation is in full swing despite mixed bank earnings.

A burgeoning rotation away from technology into financials and healthcare stocks remains intact even after JPMorgan missed earnings estimates early Tuesday. Goldman Sachs rode to the rescue with a stellar beat.

The rotation is still happening—the Dow Jones Industrial Average is set to rise and the Nasdaq is on track to fall—but it’s just not as strong as it might have been. UnitedHealth held up its end of the bargain as the stock rose after earnings—Johnson & Johnson didn’t.   

Unfortunately, the tech selloff is still going strong. Korea’s KOSPI Index slumped overnight, and the U.S. has picked up where it left off. Micron and other memory stocks are getting hit again—this time Elon Musk has warned about the Chinese threat. 

Nvidia’s descent from last week’s record high continues, with Microsoft and Broadcom partly to blame. The chip sector gloom looks here to stay.

Broadcom CEO Hock Tan compared AI investors to casino gamblers earlier this week, but it seems they’re making a safer, more defensive, bet right now.

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