There has been an extreme “risk-off” move in the financial markets due to the fear surrounding the COVID-19 virus and the most recent Saudi oil decision. The S&P futures opened the overnight session down more than 4% and WTI is trading at ~$32/barrel at the time of this writing. Not only has the S&P 500 (SPX) seen the fastest 10% correction from record levels in the history of the markets, it has also shown incredible movement in other measures of risk such as bonds, volatility, and corporate debt. We specifically note the following:
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