Macro & Market Thoughts

Apr 09, 2025

∙ Paid

1. Equity & Risk Asset Breakdown

Markets suffered a significant risk-off move, with the S&P 500 falling -4.80%, reversing yesterday’s short-covering bounce and confirming that the relief rally was tactical and fleeting. The damage was broad-based, with all 11 sectors in the red. Information Technology (-1.70%) and Consumer Discretionary (-0.62%) were the heaviest drags, while even defensives such as Utilities (-0.06%) and Consumer Staples (-0.17%) posted losses. No sector was spared, reflecting a full-blown liquidation phase.

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