Markets shifted gears today—defensive plays took the spotlight while tech got hammered. When uncertainty creeps in, traders typically rotate into safer bets: utilities, consumer staples, bonds. Nothing new there, but the timing matters.

The real wildcard? Payroll numbers coming up. Employment data can shake everything loose. If the numbers surprise to the downside, expect more flight-to-safety plays. To the upside? Tech might catch a bid again, but only if the rate picture stays favorable.

Bottom line: Watch what the bond market does. Yields will tell you whether this defensive rotation sticks around or reverses.