The biggest piece of today's move was broad market selling, with stocks tied to the value-led market factor being sold across the board, accounting for 30% of the day's movement.

Almost as large was a rotation where defensive names in staples and utilities were bought while higher-beta industrials and semiconductor stocks were sold, close to 29% of the move.

Below those, a smaller rotation had consumer discretionary and travel names bought while energy stocks were sold, around 9.5%.

Idiosyncratic forces (usually the factor with by far the highest explanatory share) contributed only a relatively tiny amount of 22%.

© Raydn · raydn.us