"Bad News Is Bad News" Again After Yesterday's "Tectonic Purge", Nomura Warns January OpEx Is "Gonna Be Spicy"

The 'soft landing' narrative crashed head on into a "hard US recession" trading snap-back with a vengeance yesterday, particularly as the US economic data downside surprises (PPI even weaker than expected, while Retail Sales, Capacity Utilization and Industrial Production also missed) are occurring against a Labor market which continues refusing to roll over and placate the FOMC into thinking that their work is done...

...hence, the ultra-rare sighting of a “bad news is bad news” market regime as stocks tumbled along with plunging, disappointing macro data...