There's talk of Russian forces moving closer to Ukraine's border in the UK press but the selling in equities has been ongoing all day. The S&P 500 is now down 79 points, or 1.75%, to 7396. The Nasdaq is down 2.2%.

This would be the lowest close since Jan 27.


I'm surprised by this move given a (generally) better tone on Ukraine and Fed members walking back the 50 bps hike talk. Normally, this would be a BTFD day but that's not happening. I worry that's a strong signal about the changing psychology of the market.