It was a bloodbath in US stocks with the grand finale coming late in the day on a WSJ report with their Fedwatcher speculating on a 75 basis point hike on Wednesday.
It was ugly right from the start and never really improved.
- S&P 500 -153 points to 3746, or -3.95%
- Nasdaq -4.6% -- lowest close since November 2020
- DJIA -2.9%
- Russell 2000 -5.1%
The S&P 500 closed down 21.8% from the record on January 4. That confirms a technical bear market in the main index. Stocks hit fresh session lows a few minutes before the close and then bounced slightly in the final minute of trading.
The S&P 500 has now completely erased the 2021 gain.
As bad as that is, it's much worse elsewhere with bitcoin down 12.4% today alone and many tech stocks down 80-90%.
Even with all that, I'm most worried about bonds with US 2-year yields jumping 29 basis points today alone.
