As the yield-spreads blow out wider, so the risk of an 'exit' of one of the peripheral nations grows, and today saw the market start betting on 'Italeave'...

While Bund yields have blown out, European investors can still find yield advantage (FX-hedged) by swapping to USTs (but as the chart shows, the premium for USTs over Bunds is at its lowest since July 2020...

Still, while European bond market participants had a bad day, it was likely not as bad as this poor American skier...

European stocks limped higher into their close (thanks to some cooing from Lagarde) and US equities all went bid after Europe closed, lifting everything green for the day. That lasted until the last 30 minutes, where, much like Friday, a wave of selling hit and all the US majors puked hard. Only Small Caps ended green on the day with Nasdaq down 1%...

The Dow found support (again) at its 200-DMA, and the S&P oscillates between its 100- and 200-DMA

Amid all the Rogan drama, the Rumble CEO stirred the pot in a major way and the SPAC it is set to merge with exploded higher...

Spotify got no bounce from the CEO's comments...

And then there's Peloton which surged Friday on rumors of 'suitors' but slipped all day long today (still ending notably higher)...

European corporate credit risk is also getting hit, and is now in with US HY spreads...