What happens when the stocks that carried the rally begin to look expensive at the same time bonds start flashing warning signs? That is the uncomfortable setup facing U.S. equities this Tuesday. The pressure is most visible in chip stocks. Nvidia is down again before the open, on track for a third straight decline, just one day before it reports results. Micron, Seagate, and Western Digital are also sliding after big recent gains. The chip trade has been one of the market's favorite stories this year. But favorite stories can become crowded stories.

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