This past week was a warning to bulls that the rotation trade, in which billions of dollars have been plowed into smaller companies battered by the coronavirus, is far from foolproof. Even with a 4.1% two-day rally, the Russell 2000 ended the week 2.9% lower for its worst drop in four weeks. Meanwhile, the tech-heavy Nasdaq 100 gained 0.9% for the week, a reversal of the market leadership that prevailed throughout 2021. Upsetting the equity leaderboard was a rally in Treasuries, where yields dropped after a seven-week climb. While an ambitious US vaccine rollout, brightening economic forecasts and $1.9tn of government aid have pressured rates higher, the selloff cooled after hitting oversol
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