Tech Shares Tumble As Market Rotation Continues

Dow rises, Nasdaq falls on Monday as investors rotate out of tech shares (CNBC)

Morgan Stanley’s Wilson Sees Big Gap in Profits on Strong Dollar (Bloomberg)

Trump’s New Economist Makes the Case for 20% Tariffs (WSJ)

Jamie Dimon Says Tariffs Can Help Resolve Competition, Security Issues (Bloomberg)

China’s Trade Surplus Reaches a Record of Nearly $1 Trillion (NYT)

Americans Are Tipping Less Than They Have in Years (WSJ)

Biden’s administration proposes new rules on exporting AI chips, provoking an industry pushback (AP)

Nvidia’s Top Customers Face Delays From Glitchy AI Chip Racks (The Information)

iPhone Sales Drop 5% in Holiday Quarter After AI Disappoints (Bloomberg)

Moderna stock plunges 20% after company lowers 2025 sales forecast by $1 billion (CNBC)