Caught a rough day in equities yesterday. The stock market plunge was pretty brutal across the board - S&P down 1.57%, Nasdaq got hit harder at 2.04%. Tech took the biggest beating with the Magnificent Seven leading the selloff. Apple dropped over 5%, and the rest of the mega caps weren't far behind. What really caught my eye was Cisco tanking 12% after warning about margin pressure from chip costs. That's the kind of signal that makes you think about where earnings are really headed.

The interesting part was watching the rotation happen. While tech was getting demolished, trucking and logistics stocks absolutely cratered - we're talking 15% drops on some names like Landstar. Everyone's suddenly worried about AI disrupting that sector. Meanwhile, the bond market was having a field day with yields falling to 2.25-month lows as people rotated to safety. The 10-year hit 4.10%, which actually helped some defensive plays.

Earnings season is still the main show though. About two-thirds of the S&P 500 have reported, and 76% of them beat expectations. That's keeping some floor under things. The stock market plunge doesn't erase the fact that Q4 earnings growth is tracking around 8.4% year-over-year, which is solid. Even crypto-exposed stocks got caught up in the selling when Bitcoin dipped 3%, but it's already bouncing back near $75K. Feels like we're just getting noise from profit-taking before the next leg up. Keep watching the CPI print Friday - that could reset sentiment pretty quick.