Precious metals and rates-related ETFs continue to get absolutely smacked as global yields have risen over the last few days. Gold miners have had one of their worst two-day streaks in history over the last two days and are off an eye-watering 15% in the last five trading days. For oil, continued strong inventory draws are supporting prices today. Higher rates have benefited banks, which are outperforming on both sides of the Atlantic, while the solid run for semiconductors also continues.

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