The Nasdaq traded 1% higher shortly after the open but when bonds cracked, the market fell apart. New cycle highs in yield in the front end spooked the market. Daly was talking about ‘a couple’ of 50 bps hikes and that hit a market that’s downright frightful about Q1 earnings reports.
It was an odd one in terms of sectors. Commodities were hit particularly hard, including oil. That’s despite a $1.44 gain in crude today, flat natural gas pricing and not much happening in copper. That sounds like funds selling winners to rotate into something else. Either that or there are some real worries about demand out there (particularly Chinese demand).