Mar 18, 2021 AT 08:47PM

• Nasdaq -3%, Russell -3%, S&P -1.5%, Dow -50bps and EEM -1.8%
• MoMo < Val with ratio -650bps, Risk parity (RPAR) -1.6%
• Oil crashed – WTI -8.5% and < $60, Brent -7.9% to $62.60
• Oil is now down five straight days, longest losing streak since Feb20 and fell the most since June20
• ARKK -6%, TSLA -7%, FAANG -3.6%
• VIX +10% and VOLQ (Ndx vol) +15%
• TAN (Solar) -6.5%, ICLN (Clean Energy) -5.5%
• XOP -7%, XLE -4.5% vs BKX +1.2%
• US 10YR = 1.71%, BBDXY = $1140 and Bitcoin = $57.5k
• Nasdaq now negative for 2021

US stocks fell from record highs as spike in Treasury yields dented demand for tech shares with high valuations, sending the Nasdaq 100 Index tumbling 3.1% as Apple, Amazon and Netflix all fell more than 3% and Tesla slipped nearly 7%. The rout in risk assets picked up in the afternoon, starting with a selloff in crude. Oil plunged 8% on concern new restrictions in Europe will hamper demand. On the day, Nasdaq and Small Caps were both smashed and the Dow outperformed but was still lower. Today was Nasdaqs 2nd biggest down day since October. The 10-year Treasury yield jumped 11bps to >1.75% at its session high, reaching its highest level since Jan20. The 30-year rate also climbed 6bps at one point, breaching the 2.5% level for the first time since Aug 2019. Sector wise, Banks dramatically outperformed big-tech and are now back at their strongest (relatively) since early March 2020 with JPM +1.7%, BofA gained +2.6%. The energy sector was the biggest loser with a 4.7% decline, ARKK was also hammered along with Tesla with etf closed -6%. The dollar jumped at the European open and US open, erasing much of yesterdays Powell pummelling with BBDXY close at $1140 and Bitcoin briefly topped $60k before drifting back to $57.5k.