First, we got the great rotation. Then yesterday, we got the great UN-rotation. Technology names rose from the ashes, while Dow names tanked for a change. Today, stocks are down a bit along with Treasuries, while crude oil and precious metals are mostly flat. The dollar is higher.

Just when you thought technology giants like Nvidia Corp. (NVDA) had had it, the group rose from the ashes like a phoenix. NVDA alone jumped 6.8% yesterday, while marquee tech stocks like Alphabet Inc. (GOOGL) and Meta Platforms Inc. (META) rose more than 2%.

FDX, WHR (5-Day % Change)
Source: Yahoo Finance

Today, shares of shipping giant FedEx Corp. (FDX) are climbing as much as 13% after the firm announced better-than-expected results. FDX also projected per-share profit of $20 to $22 for fiscal 2025, and said it was considering selling or spinning off its less-than-truckload shipping business. That division could be worth up to $30 billion as a standalone company.

Meanwhile, Whirlpool Corp. (WHR) is rocketing higher amid reports it could get bought out by Robert Bosch. The German engineering giant could make a play for the US appliance company to bolster its market position and compete more effectively against Asian rivals.

Finally, keep the Japanese yen on your radar screen as a “thing that could cause volatility” in markets. I explained why in my MoneyShow Chart of the Week piece from April 29 when it first approached the 160-yen-to-the-US-dollar level. Now, it’s right back there again after earlier efforts by Japanese policymakers to support their currency failed (not to mention cost Japan $61 billion).

The yen has lost 12% this year against the greenback – a big decline in the forex world – and is now at its weakest since 1986. Some analysts worry excessive moves could lead to an unwinding of so-called “yen carry trades,” a process that could lead to a domino-effect selloff in stock markets.