As those of us in the US awoke to carnage in a wide range of overseas markets and even cryptocurrencies, the following question came to me in my morning Wordle text group: Steve, how bad will it be today? ... While it is gratifying to see markets recovering from their early lows, stocks remain lower across the board. But when we’re looking at pre-market 5% declines in key index futures and VIX trading around 50, that is a clear sign that something is severely amiss.
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