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A tug-of-war is raging over control of the stock market

S&P 500 inter-sector correlation is close to its lowest on record, showing that industries within the index have been trading independently of one another. The offsetting nature of S&P 500 sector moves has been particularly pronounced in the past week as traders rotate out of tech and into financials and telecom. The next time someone you know conflates low stock market volatility with an overall lack of excitement around equities, be sure to point them to the chart below.
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