As trend-watching goes, there was only way to cast your gaze today: down. The selling wave left almost no place to hide in risk assets. The catalyst, at least, is no mystery, or so it appears: higher inflation.

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It’s been a year of trading places for performance outliers in the US equity sector space. The formerly high-flying tech sector is now the laggard while energy stocks continue to hold the lead, based on a set of ETFs through May 11.

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* Israel-Palestine conflict continues to escalate, sparking fear of new war
* Today’s US inflation report for April is expected to show sharp increase
* Signs of panic buying of gas along East Coast after pipeline shuts down
* Major US fuel pipeline moving closer to reopening
* US detentions at border rose to highest in two decades in April
* UK economy fell 1.5% in the first quarter but rebounded in March
* Small business optimism rose in April but report trouble hiring workers
* US job openings soared in March, but hiring remained relatively subdued: