Well, that’s a wrap! Here is a summary of today's market activity and key observations: The anticipated bounce promised to us by giddy bulls was short-lived, lasting only through the first hour of trading. Technical indicators continue to signal caution, suggesting that attempting to “buy the dip” may further exacerbate the downside momentum. Of note, recent data cited by ZeroHedge indicates that hyperscaler credit spreads have reached a new record wide. Simultaneously, Investment Grade (IG) spreads are widening significantly following new debt issuances from Meta and Oracle. Going forward, the critical metric to monitor is Investment Grade Credit Default Swaps (CDS). Should IG CDS begin to break out, it will indicate that equities have not yet established a durable bottom. Have a wonderful evening. Source: Bloomberg, Zerohedge