M&A Ripples, Earnings Divergence and a Higher-for-Longer Fed: Markets Parse Rotation from AI Hype to Cyclicals and Health Care

$AMZN — A late-day Marvell–Lumentum rumor sent optics and photonics names re‑rating while a split earnings tape — from Samsung’s blockbuster quarter and Lilly’s Zepbound‑led guidance lift to ServiceNow’s 24–25% crash — forced investors to reprice growth, cyclicals and healthcare. With Kevin Warsh signaling a hawkish Fed and key inflation and Amazon prints ahead, volatility and sector rotation are likely to persist.