Sell-Off — Chips −8%, Bitcoin −4%, Gold −3%, Intel −30%

The ten lines

1. 1

   DOWN The indices — the worst day since June, the VIX above 20

   SPYQQQDIAIWM

   The S&P 500 trades at 7,576, down 1.9%, and the Nasdaq Composite at 25,381, down 3.1%. For SPY and QQQ, the funds that track the S&P 500 and the Nasdaq-100, a close here would be the worst day since 5 June. SPY is at 755.25, 1.6% under its 50-day average near 767.6, one session after it closed above that line; QQQ is down 3.7% at 689.10, 5.0% under its own near 725.4. The Dow loses 0.9%, with DIA at 517.90 under its 50-day near 521.9, and small caps (IWM) 2.0%. The average stock holds up better than the index: the equal-weight S&P 500 fund RSP is down 0.8%. The VIX, the market's fear gauge, jumps to 20.8 from 17.2 and is on course for its first close above 20 since 29 July.

2. 2

   DOWN Bitcoin and gold — the havens fall with stocks

   GLDSLVGDXCOIN

   This is not only a tech sell-off. Bitcoin trades near 77,200, down 4.5% in 24 hours and back under 80,000, after the crypto exchange Binance disclosed a $6.3 billion security breach on Thursday and suspended withdrawals while it investigates. It fell as low as about 76,300, close to the 76,100 50-week average that Galaxy Research uses as its bear-market line. Ether is down 4.1% and Coinbase 13.3%. Gold futures fall 3.2% to 3,903.5, under 4,000, a level gold last closed below in July; the GLD fund is down 3.3%, silver (SLV) 6.1% and the gold miners (GDX) 5.6%. In October, Bitcoin has lost 7.7% and gold 6.8%. When the assets that usually cushion a stock sell-off fall with it, investors are raising cash, not switching from one trade to another.

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4. 3

   LEVEL Bonds and oil — what holds

   TLTIEFHYGUSO

   Treasuries are the one haven working. The 10-year yield eases to about 4.94% from 4.99% on Thursday and the five-year to 4.74%, and the long-Treasury fund TLT is at 81.54, above the 81.50 line it reached after hours on Thursday; a close above it would win back its Fed-day loss. Since 30 September the 10-year yield has fallen from 5.29%, about 35 basis points. Credit is calm: high-yield bonds (HYG) slip 0.2% and investment-grade bonds (LQD) are flat, so the selling has not reached the borrowers. The dollar (UUP) is flat, and oil rises, with the USO fund up 2.0%. This morning's data did not change the picture: the employment cost index rose 0.8% in the third quarter, as expected, with wages up 0.7% against 0.8% forecast, and the Chicago purchasing managers' index fell to 55.3 from 58.8, under the 56.1 expected. The Fed held at 3.75–4.00% on Wednesday, and on Thursday futures priced a hike at the 8–9 December meeting at about 80% to 86%.