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It was a week for the history books, a week of world records broken left and right...
To make our "on the week" short and sweet, it was the worst week for markets since the covid days (when the entire global economy literally shut down) with the S&P finishing down 9%, Nasdaq down 9.7% (closed Friday entering bear market territory after 21% from record), RTY -9.3% while US 10YR fell -24bps to 4%. Just Thursday and Friday accounted for virtually the entire move lower.
A total of 479 S&P names and 97 Nasdaq 100 names closed down on the week with Semis (SOX) seeing its biggest two day drawdown in 40+ years (-17% in 2-days). While the sell-off was large in size, it was all very orderly and there are no clear signals that value based buyers emerge soon.