SPX daily
There is a bit of a ‘sell everything’ mode underway and the S&P 500 is down more than 1% now and has broken last week’s low.
The bond market isn’t helping as UK gilt yields are now up 15 bps in what could be a preview of what’s to come for Treasuries if we get a Congressional sweep. US 10s are partially along for the ride, up 6 bps to 4.32%. The pound is now getting hit as well.
In stocks though, it’s the AI trade that’s under pressure, with Microsoft down 5% and Nvidia down 4%.