Risk aversion ramps up as tech-led selloff accelerates
US dollar at the highs of the day
It's ugly in equity markets, particularly in the Nasdaq, which is down 3.8%. Don't say Dalio didn't warn you.
The moves are spreading beyond tech with the VIX up to 26 and S&P 500 down 55 points to 3821. In FX, it's manifesting itself as selling commodity currencies, in part because commodity prices are giving back some of the recent gains.
The dollar and yen are also broadly bid.
Powell is due up in 10 minutes and if he's anything less than his usual ultra-dovish self, it will get worse. He's going to get grilled about inflation.