WS #10530

The dominant market signal in this window is a severe semiconductor selloff, with Micron (MU) down ~9.9% dragging ARM, MRVL, and the broader semi stack lower. This is corroborated by multiple sources: a Bloomberg video headline on tech selloff, Alpaca reporting South Korea's tech rout spilling into US semiconductor ETFs ahead of Micron's earnings, and a Seeking Alpha note on tech selloff hitting markets. The selloff appears driven by South Korea's tech rout and concerns ahead of Micron's make-or-break report. In contrast, IBM surged +7.8% to $265.59, with Trump admitting selling IBM stock was a mistake and cheering its quantum future, and Morgan Stanley raising its price target to $267. This represents a rotation from semis to legacy tech. Separately, Alibaba has sued the US Department of Defense over its designation as a 'Chinese military company', a development that could weigh on BABA and related Chinese ADRs. On the macro front, the Strait of Hormuz evacuation plan for stranded ships has been announced, with over 200 tankers waiting, which is contributing to oil trading lower. Russia is considering a ban on diesel exports due to Ukrainian attacks on refineries, which could support refined product prices. The ECB raised rates by 25bp, and the Fed held steady at 3.5-3.75%, with the FOMC statement noting elevated inflation partly due to energy shocks. The Bank of England also held at 3.75% with a 7-2 vote. These central bank actions are largely expected and not market-moving in this window. The dominant theme is a tech rotation out of semis into legacy tech, with the semi selloff being the highest-signal development.