Taken together a much weaker-than-expected payroll and much higher-than-expected CPI report suggests more than a whiff of stagflation.
Stocks are down for a third straight session, which hasn’t happened since March. Small Caps were the biggest loser on the day followed by Nasdaq after the plunge on CPI and immediate bounceback failed (with stocks ending at the lows of the day).
Today was the biggest loss for S&P since Feb and Dow’s worst day (-700) since January.
Small Caps are down 6% since Friday’s close but the rest of the market is a shitshow too.
Heading into the 1430ET ‘margin call’ time, a major sell-program hit markets (and another around 1525ET). Note that there was barely any aggressive BTFD programs..