Markets Live: Gold & Bitcoin Soar As 'Sell America' Trade Escalates

While the US equity market is "relatively" calm today (and that relativity is compared to one of the most 'fatiguing' weeks for traders in our lifetimes), other asset classes are trading rather ominously for the continued growth of US exceptionalism.

“The issue facing the markets is a loss of confidence in US policy,” said Kathy Jones, chief fixed-income strategist at Charles Schwab.

“The abrupt changes in tariff policy have caused leveraged trades to come undone and sent buyers to the sidelines.”

JPMorgan's trading desk noted ominously that de-leveraging and deterioration of macro sentiment has morphed into a situation in which liquidity dynamics are now meaningfully impaired in liquid markets.