Global Daily: It's brutal out here

Yesterday was a brutal day for markets with the S&P 500 down 1.2% to $7663, dragged lower by the Philadelphia Stock Exchange Semiconductor index, which marched its way to the lowest level since July of this year. Gold, meanwhile, sank 2.8% to $4023, near August-lows. But bad things for equities meant good things for US Treasuries, as the US 10-year yield moved back below 5% for the first time since September, despite higher energy prices, and the 2-year made its way back below 4.75%. Amid the Fed’s blackout period, the OIS curve implies investors are expecting a hold at the October 28 FOMC meeting.