$1.8 trillion wiped out..... Uh ohhh Not a big deal when it's already added Tens and tens of trillions in risk free gains the last year... Now everyone can anticipate that Santa clause rally...
The move was also reportedly exacerbated by the continuing resolution falling apart in DC, which had significant language about the PBMs in it.
I closed my Nasdaq long spreadbet at Monday's NY Close so I'm flat since then. I have three buy orders pending but they are way up near the ATH so further falls in the index are going to help me get back in long all the sooner. I can wait.
Real rates, not the silly Fed rate, have been rising IMO in anticipation of yet more inflation to come due to additional TrumpyTariffs and trade pacts dissolving left and right. And no one really believing DOGEy nonsense $2 trillions being cut from the budget either.
I must admit that was a strange reaction that left me scratching my head. Were investor's expecting a 50 pt cut and tanked the market because they only got 25?