Yields? Rotation? Valuation? What's going on with the stock market?

Something strange is happening in the stock market. Many have recently pointed to a Treasury yield hostage situation, where stocks have largely moves in response to their fixed-income counterparts. When bond yields moved up, high-growth names sold off, but even as the rates came down over the past three days, the tech sector was still under pressure. Some are even pointing to worries about the Fed hiking rates in far-off 2023, while others are mentioning frothy valuations and a rotation into industrial names, though trading volumes in the sector have also been softer in recent weeks.In fact, NYSE volumes have been 80% of the 30-day average, while Nasdaq activity has been 90% of its average, remarkably low given the declines in certain sectors. Another example: WSB/Reddit darling GameStop stumbled 34% after earnings on Wednesday, while only 23M shares changed hands, well short of the 30-day average of 34M shares. "It