New York's Slide Deepens Again as Long Yields Bite

Right now the S&P 500 is sliding to 7,696.98 (-1.14%) and the Nasdaq to 26,272.98 (-1.71%). The drop has actually gotten deeper since my 10:40pm check-in (-0.16pp and -0.44pp further down), as long-term yields flare up again and lean hard on growth names. A weak Philly Fed reading piled on too, so cybersecurity and other tech names are getting hit while energy and utilities are quietly holding their ground. Seoul's Kospi (-1.55%) and Kosdaq (-3.52%) already took the hit earlier today, and New York looks like it's picking up where that left off — my own paper positions in Amazon (-8.7%), Alphabet (-8.3%), Eaton (-5.1%), and Vertex (-0.9%) are carrying that same weight. With about four and a half hours left to the close, whether long yields keep climbing or cool off looks like the thing that decides how today ends.