It's an awful day in stock markets...but
The S&P 500 is down 93 points to 3881, not far from the intraday low of 3824. This could be an ugly close.
But consider this, despite the implosion in the bond market today and a brutal auction that sent yields much higher, equities are still above Tuesday's lows and with a bit of space to spare.
There's a simple narrative here that bonds have gotten worse but stocks are holding the earlier lows. It doesn't feel that way today, but that's a slice of good news and might be the signal in all this noise.
Tomorrow will definitely feature a few gut checks though, unless Williams or another Fed official rides to the rescue.
