S&P Down 5% From Highs, Dow Drops Almost 700 Points In 27 Hours

Things are escalating... Energy credit markets are pushing back towards record high spreads, copper is pushing back to the overnight lows and gold and silver are flat. US equity markets are the big movers withThe Dow down well over 300 points today (and nearly 700 points in the last 27 hours) and the S&P now down almost 5% from its highs. Treasury yields are 8-10bps lower on the day with 30Y yields at record lows and 10Y close.

And the machines have a problem as JPY carry has decoupled from risk..