Photo: Reuters / Carlo Allegri

Tech stocks got crushed in the buying stampede in New York this morning, with Paypal down as much as 5.4%, Microsoft down 5%, Facebook down 2%, and Amazon down 1.6%.  Department stores were up 6%, food retail was up 5%, financials up 1.8%, and industrials up 1.6%.

The Trump trade favors retail sales (more after-tax money in consumers’ pockets) and manufacturers. Financials will benefit from a lighter regulatory footprint. The de-FANGed rally suggests staying power for the stock market, buoyed by stronger growth, and restrained wage gains in an environment of low inflation.