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…
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.
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