It was headline-driven and concern around the price of oil. Look what it did to bond yields - we were up last night over 4.20%, now back down below 4.10%. That move down in yields tells us there's less inflationary pressure people are expecting because of the drop in oil. Lower yields is helping certain components of the equity market.

People flood back into tech very quickly. All the concern over the last couple weeks - research report, issues around AI and capex - almost just disappeared. People are looking for where to go for growth. If yields are coming down, that's actually positive for these tech names.

I do think it's still a high risk bull market. Before strikes started, you could see bull market continue to run because CapEx was good, productivity was good, earnings were good. If we're close to having it over, investors look back to where we were before strikes started.

We haven't changed our outlook over the 6 to 12 month horizon. Continue to look at sectors that over past few months have been in uptrends: energy was in an uptrend before strikes happened, continues afterwards. Promising moves out of healthcare, industrials. Continue to put money to work in these areas.