Afternoon Note
The market is sinking as the Street assesses the potential moves needed to bring down inflation would trigger a deeper downturn in economic activity. The slide is sending Nasdaq down around 4%, while the Dow Jones broke below 30k for the first time since late 2020.
Certainly, it hasn’t been normal for the Fed to increase rates by this much during prior market declines of 20% or lower. Inflation remains a much more serious problem today.
All eleven sectors are getting hammered this afternoon with Consumer Discretionary trading only ahead of Energy..
|
S&P 500 Index |
-2.51% |
|
Communication Services XLC |
-3.68% |
|
Consumer Discretionary XLY |
-4.61% |
|
Consumer Staples XLP |
-0.59% |
|
Energy XLE |
-4.08% |
|
Financials XLF |
-2.78% |
|
Health Care XLV |
-1.94% |
|
Industrials XLI |
-2.94% |
|
Materials XLB |
-3.20% |
|
Real Estate XLRE |
-1.83% |
|
Technology XLK |
-3.97% |
|
Utilities XLU |
-1.93% |

The 30-year yield took out its 2018 high, contradictory to one year ago when it hit its all-time low of 2.65%. This 2.66% spike in mortgage rates in the last 6 months is the largest increase seen since 1981.

As investors, the best we can do is wait for some of the immediate uncertainty to abate, be nimble and stay ready. Everyone should be sitting on larger-than-normal cash position, which still remains an ideal position for now.
| Tweet |
| 10/30/2026 1:17 PM | A Friday Pullback |
| 10/30/2026 9:33 AM | Tech Tumbles |
| 10/29/2026 1:08 PM | A Split Session |
| 10/29/2026 9:39 AM | WHIRLWIND OF EXCITEMENT |
| 10/28/2026 1:47 PM | Muted Action Ahead of FOMC Decision |
| 10/28/2026 9:30 AM | WARSH BACK AT BAT |
| 10/27/2026 1:46 PM | A Tech-Led Tuesday |
| 10/27/2026 9:45 AM | BRACING FOR MEGA-CAP EARNINGS |
| 10/26/2026 1:39 PM | AI Enthusiasm is Back |
| 10/26/2026 9:44 AM | OPENAl SAVED THE INTERNET |
| 10/23/2026 12:39 PM | Rolling Capitulation |
| 10/23/2026 9:51 AM | A Mixed Session |
| 10/22/2026 1:01 PM | Momentum Takes a Hit |
| 10/22/2026 9:38 AM | STILL – LOTS OF TREPIDATION |
| 10/21/2026 1:27 PM | A Midweek Lift |
| 10/21/2026 9:49 AM | SPACEX: OUT-OF-THIS-WORLD FINANCIALS |
| 10/20/2026 1:28 PM | Gaining Territory |
| 10/20/2026 9:35 AM | CAN MUSK & SPACEX REIGNITE EXCITEMENT? |
| 10/19/2026 1:02 PM | A Monday Rebound |
| 10/19/2026 9:35 AM | MORBID ANNIVERSARY |
| 10/16/2026 1:44 PM | Rate Hike Odds Tumble |
| 10/16/2026 9:55 AM | Buyers Materialize |
| 10/15/2026 1:20 PM | Foxholes in Focus |
| 10/15/2026 9:37 AM | Fear & Loathing |
| 10/14/2026 1:14 PM | Weakness Deepens |
| More commentary archives | |
|
Home |
Products & Services |
Education |
In The Media |
Help |
About Us |
Disclaimer | Privacy Policy | Terms of Use | All Rights Reserved.
|