You could sense this coming yesterday.
I wrote at the close that the failure to retake the pre-tariff high was a warning sign and now the sellers are hitting the market hard. The S&P 500 is down 1%.
One of the catalysts was Zions Bankcorp taking a write down on what the company called a fraudulent loan (shares down 13%). That adds further fuel to the fire of private equity worries after the bankruptcy of First Brands. Reuters writes more here. That has broader banking stocks lagging.
Consumer facing names are also struggling with WMT off by 2.9% after a recent run-up.
What next? We might have to test the tariff lows and hope they hold.
SPX daily
