Closing changes for the main indexes
- S&P 500 down 59.99 points to 2762 (2.1%)
- Dow Jones Industrial Average -672 points to 25515
- VIX up 4 points to 17.4 (+29%)
- NASDAQ -145 to 7240
- TSX -258 points to 15602
In all the carnage, the bond and FX markets didn't move that much. US 10-year yields finished up 4 basis points to 2.83%. What you might draw from that is that markets are worried about inflation and higher rates.
Here's the daily chart on the S&P 500:
If there's a playbook on this, it's probably to wait for a washout on Monday or Tuesday.
If there's a worry, it's people making a big deal of the point drop in the DJIA. 670 points sounds horrible but it's a 2.5% decline, which is nothing special in most environments.
