Early Market Update

9:59 a.m. ET

The major averages are down around 3%. Small Caps tried to rally, but yields made lower lows and dragged stocks lower.

Most sectors are down around 3%, the defensive sectors are down more than 4% as funds and investors are essentially puking any risk to any stock, defensive or not.

The 2-year yield down 16 basis points and trading 65 basis points below the Fed funds rate,  the Treasury market screaming for a 50 basis point rate cut by the March FOMC, if not before. In fact I wouldn’t be surprised if there were some action taken over the weekend/Sunday, coordinated central bank response, Mnuchin liquidity call, Emergency Fed rate cut, etc.