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All the major indices are now lower on the day with the Dow more recently turning negative and giving up a 605.23 point gain.
Last year it was largely about not being able to keep a down market down. This year, there have been a number of rallies, that have fizzled and given up the gains.
In the US debt market the curve continues to flatten with the 2 year up 8 basis points while the 10 year is down around 6 basis points on the day.
The 2-10 year spread has moved to the lowest level since November 2020 as the market prices in higher rates from the Fed and slowing economy.
There is now a 59% chance of a 5th hike in December.