JPM with the note on what’s irking stocks. In short, mid-cycle adjustment to earnings and the Fed. That is the if the latter does push so hard that this ends the cycle…
US: Stocks closed on closed at/near their lows, reversing almost 3%. This follows yesterday’s behavior of a ~2% reversal. USD reversed higher with bonds also catching a bid. VIX thru 25 as investors start to focus on next week’s Fed meeting. Financial media suggesting an immediate cessation of QE and/or 50bps hike in March. Thematically, elements of Growth and Value had mixed performances with Utils/HC/Fins/Energy outperforming and Tech/Materials underperforming. Out best baskets were Crypto, Value-Shorts, and Recent IPOs. NFLX missed after the bell; stock is off ~18% post-mkt.
MARKET SUMMARY
