It is a tense session that is going off the rails. Markets opened in the green zone out of the gate, but a reversal in yields and a big move in oil renewed selling.
Only three sectors are holding onto gains. Energy is solid at 2.1% this afternoon, as WTI oil prices continue to rise. Oil reached new highs today after the latest EIA data showed a larger than expected drop in crude supplies last week.
The so-called Fear & Greed index entered ‘extreme fear’, after nestling at ‘extreme greed’ only two months ago. Since the last Fed hike in July, the index has moved in a straight line lower.
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