US equity markets are extending their Powell-plunge losses from after the close last night as FANG stocks (and tech broadly) is tumbling as banks are bid for a change.
Almost 70% of S&P stocks are lower…but it’s Nasdaq that is getting hammered…
Small Caps are still worst on the week/month…
FANG stocks no-bid…
But banks are rebounding…
And while High Yield bond spreads have tumbled to cycle lows, High Yield Bond ETF prices are collapsing back below their 200DMA…
A sign of mass hedging in the only source of liquidity available that does not bode well for stocks…
