Why Are Stocks Tanking? Fund Manager Explains Tech Rotation | Sam Rahman

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Risk-off rotation out of crowded tech/AI longs is supporting gold in the near term, with the transcript noting gold up about 1% while the Nasdaq was down 1.5% and the S&P 500 off roughly 64bp on July 2. The guest framed the move as an unwind of overweight semiconductor/AI positioning rather than a fundamental collapse in risk appetite, with money rotating into healthcare, staples and financials. The macro hook for metals is the weaker-than-expected June nonfarm payrolls print: payrolls rose only 57,000 versus 115,000 consensus, which reinforces the case for easier Fed policy and lower real-yield pressure. That backdrop is constructive for gold and, to a lesser extent, silver if the market continues to price a softer growth/Fed path into the holiday period. Near term, desk focus stays on whether this is a short-lived squeeze in crowded tech rather than a broader de-risking event. If the move extends, gold could continue to benefit from both portfolio rotation and a weaker-rate narrative; if equities stabilize, metals may give back some of the tactical safe-haven bid.