More tech and everything else can simply go to hell. We'll tell you what happens. At some point, they cut back on capital spending. They are cap weighted. Median earnings gains are far, far below the cap weighted reports.
Higher rates do hurt real businesses.
Don't let the indices fool you. You may remember that the last New Zealand rate hike was almost exactly two months ago and was a 50 basis point affair. What is most unique is that the NZ central bank took this action two hours before the NZ CPI was officially reported. Apparently not as the number came in below expectations. As you know, in America this would simply be considered an investment lifetime type of time horizon.