Investors brace for continued market turbulence after roller coaster Q1.

Tech stocks, particularly in the Nasdaq 100, have surged in the first quarter of 2023, with the index up 18.5% and some individual stocks up over 70%. However, the bond market has reversed its 40-year downtrend in interest rates, and concentration worries are surfacing as the top ten Nasdaq 100 stocks account for nearly all of the gains this year. Additionally, the economy has yet to fully adjust to materially higher rates, and uncertainty still reigns. Nonetheless, investor sentiment is skewing bearish, which could complement bulls in a contrarian fashion.