The darkening mood is setting up for a potential second day in a row of late-day selling in US equities that could drag down commodity FX and the overall risk trade.

The S&P 500 is up just 17 points to 4550 after rising as high as 4602 a few hours ago. That's had a knock on to AUD/USD, pulling it down to 0.7250 from a high of 0.7276.

AUDUSD 10 mins

The balancing act at the moment is the TINA trade against rising bond yields and China/omicron worries. One of the main struggling sectors continues to be mid-cap tech and pandemic darlings. The rout in Peloton -- for instance -- is something to behold. It's down 22% today after cutting production.

PTON stock