Two engines traded today and they had opposite days. Volturon worked the morning and lost 44.5 points. Secutor did nothing at all until noon, then took two trades and won both, capturing 60 points on the standard contract. The difference between them was not skill. It was timing, and today the timing was the whole game. The market: the producer price report arrived before the open and it was warm. Prices businesses pay rose 0.4% for the month, matching expectations, but the annual rate climbed to 5.4%, above forecast and up sharply from 4.8% in July. Energy was the driver, as the conflict with Iran continues to lift fuel costs. Traders responded immediately. The odds of a Federal Reserve rate increase next week jumped from 62% to 70%, Treasury yields pushed past 4.85% to three-year highs, and oil rose another 4%, with Brent crude reaching $105 after the largest spike in attacks on shipping since the war began. The European Central Bank also raised rates today, its second increase this year, with euro zone inflation now above 3%. Yesterday we mentioned that borrowing costs are climbing across the developed world at the same time. Today that stopped being a background observation and became an action. Now look at how the American indexes finished. The Nasdaq 100 fell 1.3%. The S&P 500 lost 0.6%. The Dow fell just 0.4%. On Tuesday we described the opposite arrangement. That day the Dow fell nearly four times as far as the Nasdaq, and we explained why: tariffs tax physical goods crossing borders, and the Dow is full of companies that ship physical things. Today the punishment landed on technology instead, and for an equally clear reason. Higher interest rates reduce the present value of profits expected years in the future, and that is precisely what a technology company sells. Chip makers took the worst of it, with Marvell, Intel and Lam Research each down about 3%. So within three sessions, the same market punished two different indexes for two entirely different reasons. That is Tuesday's lesson proven in reverse. Before deciding how a headline should affect your position, ask what your index actually holds.