Stocks Plunge Into Red After Trading Limit-Up Overnight, TSY Yields Lower

US equity markets have tumbled back into the red for the day – after briefly touching limit-up levels overnight. The driver appears to be a loss of faith (or hope) that fiscal stimulus is coming anytime soon.

Everything is red but Small Caps notably underperforming…

And Treasury yields are rolling over…

Notably, as Bloomberg details, prior to Monday’s steep decline, the S&P 500 had plunged by 5% or more to start the week on nine occasions since 1955.

On each of the following Tuesdays, the benchmark bounced back by 2% or more, data compiled by Bloomberg show.

So… if we close red after yesterday’s collapse, that would be unprecedented in market history.