The equity market yesterday began with pre-opening futures down the limit, as circuit breakers were implemented at the opening, which required a 15- minute trading halt.

Forty-five minutes into trading yesterday, 46.7% of the S&P 500 stocks were down 30% or more this year and 13.5% were down more than 50%. At the session low on Monday (2401.57), the S&P 500 was 29.2% off its February 19 high (3393.52).

The intraday low yesterday was 20.5 points above the December 24, 2018, low. The CBOE Volatility Index (VIX), which often is viewed as a “fear gauge,” topped the level it hit December 24, 2018, and surpassed the peak in 2008 when the U.S. economy was in the throes of the Great Recession. The S&P 500 and the Dow Jones Industrial Average set new records for single-day point drops.

 

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