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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...