Quiet summer markets were disrupted recently by sharp moves in equities, as the long-standing strength of IT and communication stocks gave way to a surge in valuations for smaller companies. Such price action can be healthy. But where past episodes of market rotation came in a rising market, as volatility fell, the recent rotation in stocks came with wider ranges, higher volatility and a retreat in overall market performance. With stocks still close to all-time highs, we ask Cayla Seder from our Equity Strategy team in the Americas whether this is merely a healthy correction or the start of a worrying trend. See omnystudio.com/listener for privacy information.