Caught the market action earlier and it was pretty choppy - indexes went mixed after starting strong. S&P and Dow basically flat, Nasdaq managed a tiny gain, but here's the thing: software stocks took a real slide and dragged things down. Atlassian, Intuit, Salesforce all sliding hard, down 4-6% range. Meanwhile chip stocks were holding up the market with Micron leading gainers.

The payroll numbers came in hotter than expected which honestly killed the rate cut narrative. Nonfarm payrolls jumped 130K versus 65K expected, so bond yields shot up and that spooked people. Fed officials came out with hawkish commentary too, basically saying they're not rushing to cut rates. That's why you saw the slide across software - higher rates pressure those growth-heavy valuations.

Interesting day overall. Earnings are still mostly beating (78% of reporters), but the rate environment is shifting sentiment. Watching how this week's economic data plays out, especially CPI on Friday.