Large-cap tech and software names like Meta, Google, Nvidia, Microsoft (MSFT), and Amazon (AMZN) faced significant sell-offs despite strong earnings, while private credit concerns impacted Apollo, KKR, and Blue Owl. Conversely, value and defensive sectors outperformed, with Coke (KO) up 18% YTD and gains seen in Walmart (WMT), Pepsi (PEP), Costco (COST), GE, and Caterpillar (CAT). The analyst remains bullish on the long-term outlook for Big Tech and Nvidia due to compressed valuations and strong earnings growth relative to defensive stocks.