Actually it was due to a sell off in bonds causing bond yields to rise. So that is why stocks sold off.
People are selling bonds and notes because there is a real danger of the US defaulting on it's debt. We have until OCT 18th according to Yellen. If Congress doesn't get it's act together, the world economy is doomed.
Bs we’ve seen bonds rise big 1000 times and the mkt still sky’s . It’s called a reason after the fact . It’s always the case . Cramer turned bullish last week and was dead wrong . 10-1 says he pivots and says the mkt ugly “ don’t buy “ anything . But he won’t mention a word about his wrong call .
I also think Powell mentioned “inflation might be slightly more than transitory.” What does that mean? It means we have a problem with inflation.
That's not true. I remember his saying at the beginning of the month, we were entering the traditionally worst time for the markets, and then saying 2 weeks later that starting on the 17th is the worst of the worst 2-week period going back 20 years, and he is not hopeful for any bullish action. He just liked certain stocks, which is his usual MO.