Noticeable.
Cyclical industries are starting to crack.
Small caps, transports, hotels, auto retailers, overall retailers, restaurants, airlines, are all rolling over.
The fact that equities are not responding well to the renewed pullback in Treasury yields and the swaps market beginning to price in a September rate cut is signaling something important: that stock market investors are also becoming concerned about the economic slowdown and what it means for the earnings outlook.
