Premium'Hawkish' Hold, AI Angst, & Tehran Tremors Trigger Tantrum Amid Massive Market De-Grossing
Tl;dr: SK Hynix's disappointing (record) results sparked concerns about the entire AI ecosystem overnight (pushing stocks down as one with no 'broadening out' trade today, breadth negative - as Korean deleveraging accelerated), and sentiment was further hampered by Iran's surprise attack in Jordan (oil spiked along with bond yields). The Fed's 'hawkish' hold sparked rapid kneejerk reactions in yields (down then up), stocks (up... for some reason), the dollar (down), and gold (higher).
By the end of the day: oil up bigly, stocks down heavily, yield curve massively steeper (short-end lower, long-end dramatically higher), dollar down, gold up.