Stocks Slammed To Worst Week Since Black Monday Amid Crude & Credit Carnage

Some folks were suddenly forced to sell...

And for those "shocked" that credit markets sparked this...

Before we start, summarizing the bloodbath...

  • Russell 2000 (Small Caps) Down 4.8% - worst week since May 2012
  • Trannies Down 4.8% - worst week in 4 months (Black Monday)
  • S&P 500 Down 3.5% - worst week in 4 months (Black Monday)
  • FANGs Down 3.75% - worst week in 3 months
  • HYG (HY Bond ETF) Down 3.75% - worst week since March 2009
  • HY CDX Up 60bps - biggest weekly spike in spreads since Dec 2014
  • USD Index Down 2.5% - worst 2-week drop in 4 months
  • JPY Stronger by 1.9% - worst week in 4 months
  • CAD Weaker by 2.75% - worst week in 5 months
  • EUR Stronger by 3.75% - best 2 week gain since Sept 2012
  • Yuan down 6 weeks in a row to weakest since July 2011 - longest losing streak in history
  • WTI Crude Down 10.9% - worst week since Dec 2014
  • 5Y Yield Drops 13bps - biggest absolute drop in 2 months
  • 30Y Yield Drops 13bps - biggest absolute drop since March 2015

 

The biggest news of the day/week was the sudden awakening of the rest of the world that credit's collapse is real...

 

This was the biggest weekly collapse in High-Yield Bonds since March 2009... with today's move, HYG wipes out all total return back to 12/12/2012 (assuming divs reinvested)

(h/t @groditi)

 

Weakness in US equities began early this morning after the IEA report sent crude crashing...Dow Futs down 400 from overnight highs!

 

Ugly day with high beta Nasdaq and Small Caps smashed lower...

 

On the week Trannies and Small Caps were the biggest losers...

 

Financials and Energy were butchered this week...

 

Dow joins S&P, Russell, and Trannies in red post-Paris... we're gonna need more radicals!!

 

Small Caps were monkey-hammered...

 

FANGs had their worst week in 3 months...

 

Led by NFLX..

 

But Guns were in great demand...

 

VIX term structure inverted short-term...

 

HYG had its worst day since Aug2011...

 

Treasury yields collaped...

 

2Y Yields dropped 6.5bps today... the biggest drop in 3 months...

 

The FX markets also turmoiled... USD weakness against all the majors (but EM FX and commodity producers crushed)...

 

The Yuan plunged for the 6th week in a row...

 

EM FX crashed by most since June 2013 (Taper Tantrum)...

 

Gold rallied today, but ended the week lower (along with silver) despite a weaker dollar. Copper rallied, crude didn't...

 

Black Gold Baumgartner'd...

 

Charts: Bloomberg

Bonus Chart: What Happens Next?