With a deafening roar, the US stock market ran headlong into bear territory, the S&P sinking 20% below a January peak and hitting its lowest mark since the previous January. Tech shares bore the brunt of the Monday rout, with the Nasdaq 100 slumping about 4.5%. Speculative areas of the market inflated by years of government largesse buckled as profitless software firms, newly public companies and blank-check entities were unceremoniously dumped. Credit markets continued their historic repricing of rate trajectories: Treasury 10-year yields climbed to the highest since 2011 while two-year rates jumped to levels last seen before the 2008 financial crisis. The cost to protect investment-grade debt from default soared as a closely watched segment of the US bond curve inverted. And Bitcoin took another dive, tumbling to its lowest point in about 18 months after withdrawals tied to the Celsius lending platform were frozen. Only the dollar provided some respite. With the Federal Reserve positioned for an assault on high inflation fueled in part by Russia’s war and supply chain chaos, Victoria Greene, chief investment officer at G Squared Private Wealth, said the bottom is still a ways off. “It’s going to get a little uglier,”
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