US equities trying to claw back after the worst dump in 18 months.

$NVDA $AMD $MU and the semis are bouncing hard today after getting wrecked yesterday.

Nasdaq and S&P showing signs of life as tech reverses.

But here's the catch: Jobs data came in hotter than expected. Treasury yields spiking. That's not bullish for risk assets long-term.

Watch the macro. Fed pivot narrative is getting shakier by the day.