The action today is a rerun of what we saw quite often in 2021. The DJIA and S&P 500 are doing well, but growth stocks are being hit hard, and speculative biotechnology, small-caps, and many of the stocks that bounced yesterday are being sold hard.
This is the sort of rotational action that plagued the market for much of 2021, but it's hidden by the big-cap names. This time even the weakness in the FATMAAN names and semiconductors is largely hidden by stocks like Ford (F) , GM (GM) , Marathon Oil (MRO) , Discovery (DISCA) , United Rental (URI) , and other non-technology and non-growth names.
Some of my favorite small-caps are being hit hard again, but I'm waiting before I do much buying. This action is probably driven by the end of the year unwinding as well as concerns about weakness in bonds. It is a vicious rotation and makes for some tough trading.