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Inflation is here, and it is going to stick around for a while.
If interest rates are going up, tech/REITs are the losers, while energy/financials will be the winners. If interest rates are going lower, the opposite is true.
For the broader market, a rise in interest rates will have an impact as well. The broader averages are inordinately comprised of highly valued tech stocks. The market cap-weighted indexes will naturally fall if large-cap tech stocks like Apple, Amazon and Microsoft begin to fall.