Hot PPI, Surging Yields Deepen Wall Street's Slide

Right now the S&P 500 sits at 7,596.17 (-0.53%) and the Nasdaq at 26,111.60 (-0.54%), with more than three hours left before the close and both still pinned lower. The slide got a touch deeper than an hour ago — a hotter-than-expected August producer price report pushed the odds of a September Fed hike up to 70%, sent Treasury yields jumping (the 30-year hit its highest since 2007), and rising oil piled on, so New York opened weak and stayed there. The pain isn't even, though: chips and clean energy are holding up inside the selloff while biotech and materials are the soft spots, and oddly the dollar index and the won both eased a bit, which reads more like everyone waiting it out than any real panic. The last Korean session split too — Kospi closed -0.25%, Kosdaq +0.79% — and that same kind of split shows up in today's sector picture. My unrealized marks are unchanged — Amazon -11.8%, Densan Neolux -7.8%, Alphabet -11.5%, Eaton -10.1% — and for the rest of the session I'm just watching whether chip strength holds and how much further yields stretch.