Yesterday was a MAJOR rotation day, with many of the formerly leading stocks and sectors lagging...and many of the former laggards leading. Equities are flat this morning along with crude oil, while gold and silver are mixed. Treasuries and the dollar are up.

Nothing illustrates yesterday’s action better than noting drugmaker Merck & Co. (MRK) was up 1.3%, mega-bank JPMorgan Chase & Co. (JPM) was up 0.8% and tech darling Nvidia Corp. (NVDA) was...DOWN 3.5%. That’s why you could have the Dow Industrials rise 300 points, while the Nasdaq Composite shed 140.

Just a blip? The start of more rotation? We’ll have to wait and see. But investors clearly love their tech stocks. Tech funds overall took in a whopping $8.7 billion during the week ended June 19, according to Bloomberg. That was the most ever. And even after yesterday’s pullback, NVDA shares are up 164% year-to-date.

MCD, WEN, SBUX (YTD % Change)
Data by YCharts

Finally, a price war is intensifying in the fast food and beverage space as companies try to lure back inflation-shocked customers. Starbucks Corp. (SBUX) is running BOGO deals and selling coffee/food bundles for $5. McDonald’s Corp. (MCD) is rolling out $5 Meal Deals, with president Joe Erlinger saying “We heard our fans loud and clear – they’re looking for even more great value from us.” And competitor The Wendy’s Co. (WEN) launched a $3 breakfast promotion a few weeks ago.

When it comes to the action in these stocks, shareholders haven’t exactly been “lovin’ it.” MCD and WEN are both down just over 13% YTD, while SUBX has lost almost 16%.