Luke Lloyd thinks that yesterday’s market sell-off is a reaction to the idea that we might not get a December rate cut. He expects rotation to continue into year end as the market reassesses the tech sector. He calls the December rate cut a bellwether for 2026’s rate path, which will change market expectations, “which is what really matters.” Luke sold out of Ulta Beauty (ULTA) to move into beta names, including Take-Two Interactive (TTWO). He stresses that he is not into big tech names like Palantir (PLTR) or Mag 7 names.

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