• US stocks rotated out of tech: the Dow gained 1.08% to 52,177.69 and the Russell 2000 1.38%, while the Nasdaq 100 slipped 0.05%. Healthcare rose 2.36%, with Eli Lilly, UnitedHealth and Walmart helped by Deutsche Bank upgrades.
• AI hardware stayed under pressure after Anthropic reported Q3 revenue of $16.8 billion, slower growth than before, and TSMC struck a cautious note on 2027 despite record profit. HPE, Dell, Arista and Everpure fell, and Nvidia lost 1.84%.
• Software and consumer names rebounded: AppLovin, Intuit and Autodesk rose more than 6%, CoreWeave recovered 5.94%, and Nike (+5.21%) led the Dow. Equifax, Reddit and Fair Isaac led the S&P 500.
• Treasuries rallied despite the hot PPI: the 10-year fell about 10bp to 5.09%, as Fed's Bowman and Daly signalled no need to rush another hike. Odds of an October hike eased to about 27%.
• Asia is rebounding this morning after Thursday's rout: the KOSPI is 2.81% higher after a 7.6% slide, and the Nikkei 1.72% higher after a 4.9% drop.

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