Buy the dip has truly shifted to ‘sell the rip’ in US equities with the Fed poised to hike rates and the ongoing concern about Ukraine and inflation.
Tech continues to lead the charge lower but the overall market is sagging badly. The S&P 500 is down 51 points, or 1.1%, to 4254. Baring a rebound above 4300 in the next 90 minutes, this will be the lowest close since July.
The January intraday low was 4222.
Perhaps more importantly, the Nasdaq Composite is within a whisper of the January low of 13,094 so watch out for that headline.