Market Blitzkrieg! US Stocks Fall 7% At Opening, Entire US Treasury And Dollar Swap Curve Below 1%

Now this is something you don’t see every day. A true market blitzkrieg at opening.

A 15-minute trading halt took hold after the S&P 500 Index fell 7% to 2,764.21 as of 9:34 a.m. in New York, triggering the breaker for the first time since December 2008 at the depths of the financial crisis.

Screen Shot 2020-03-09 at 9.54.52 AM

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And the US Treasury 10-year yield plunged 33.3% to 0.429%.

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Leaving the entire US Treasury and Dollar Swaps curves below 1%.

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Commodities are getting crush too. Thanks in part to Saudi Arabia turning on the oil flow (but not if spot price < extraction cost).

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Put skew is in play.

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The VIX is at its highest level since the financial crisis.

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Where is Jerome Powell and The Federal Reserve?

The Federal Reserve said on Monday that it will increase the amount of money it is pumping into short-term borrowing markets during the current turmoil, reversing an attempt to wean investors off financing it has been providing.

Update at 4:00 pm EST. Dow down 2025 points or 7.83%. For today.

dowdown2000

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