Not a good day for stocks, bonds or commodities

It’s a tough day to make money.

The S&P 500 is down 55 points, or 1.0% and trading near a session low. It’s a continuation of the selloff that started yesterday on a less-dovish Powell. The market is now pricing just a 57% chance of a December cut, down from 85% at the start of the week.

The bond market also doesn’t like the lack of cuts and has also been rattled by retail sales data that was generally better than anticipated, though largely due to revisions. US yields are up 6-7 bps across the curve, with 10s touching 4.50% for the first time since May.

Commodities aren’t doing much better with oil down 50-cents today. Gold is up $8 but it’s been a rough stretch since the election.

Even bitcoin today is flat and ETH down 2.5%.

All told, this is a bit of a reset heading into next week but it looks like the election sugar-high is wearing off.

This article was written by Adam Button at www.forexlive.com.