There is no other way to describe today's market carnage than a market in turmoil where things are rapidly breaking as the sudden disappearance of Russia's "toxic" commodity collateral is suddenly sparking contagion and widespread liquidations.
With S&P futures a one way elevator lower after a modest rip higher on Ukraine ceasefire optimism early in the session, sending spoos more than 120 points down from session highs and closing down 2.9%, below 4,200, its worst close since October 2020...
... and the Dow tumbling more than 800 points, everything was in the red, with the exception of the defensive utility sector and of course energy which is basking in the glow of a historic surge in the commodity space.
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