• Driver:Semiconductor collapse (INTC -10.6%, AMD -6.7%) and a WTI crude spike to $109.76 fueled stagflation anxiety across risk assets.
• Cross-asset:Equities and crypto fell together. Credit spreads tightened modestly. Real yields eased 3 bp. Gold slipped 1.1% despite the risk-off equity tone.
• Sector rotation:Classic defensive rotation: Consumer Defensive +1.3% and Healthcare +0.9% led. Technology -2.1% and Utilities -2.1% lagged.
• Forward bias:US Retail Sales (Wednesday) is the next catalyst. Elevated oil and sticky CPI keep upside capped. Lean cautious near-term.

Broad weakness across the mega-cap cohort today, with only 2 of 9 names in the green. INTC cratered over 10% and AMD shed nearly 7%, dragging the semiconductor complex lower, while TSLA dropped close to 5%. AAPL was the lone meaningful bright spot with a modest half-percent gain; MSFT and GOOGL both slipped more than 80 bp.

US equities sold off with a clear growth-over-value tilt: the Nasdaq fell nearly 2% while the Dow was essentially flat, losing just 3 bp. Small caps fared worse, with the Russell 2000 down 2.3%, and SOXX collapsed 6.7%, reflecting the semiconductor carnage visible in individual names. VIX edged up modestly to 18.57, a surprisingly contained move given the magnitude of losses in tech and semis. Overseas, the picture was mixed to slightly negative. The Nikkei managed a small gain, but the Hang Seng dipped and EM broadly underperformed with EEM off over 4%.

Treasuries caught a mild bid across the curve, with the 10Y falling 3 bp to 4.38% and the 2Y and 30Y each easing 2 bp. The 2s10s spread held at +48 bp. Decomposing the 10Y move: real yields dropped 3 bp to 1.93% while breakevens ticked up 2 bp to 2.47%, suggesting the rally was driven by growth concerns rather than any shift in inflation expectations. Credit spreads tightened marginally on both sides, with HY OAS in 2 bp to 279 and IG OAS in 1 bp to 78, signaling no contagion from the equity selloff into credit markets.

Energy markets sent conflicting signals, with WTI rallying over 4% while Brent fell nearly 5%, a divergence worth monitoring for potential data-quality or contract-roll effects. Precious metals pulled back modestly, with gold off about 1% near $4,679 and silver tracking lower by a similar margin.

Crypto sold off in sympathy with risk assets, shedding 2.2% in total market cap. BTC dropped 2% to roughly $80,050, ETH fell 3.1%, and SOL lost 3.5%, keeping BTC dominance elevated at 58.3%. Perp funding rates remain positive (BTC +7.2% APR, ETH +6.9% APR), indicating longs are still paying but without extreme crowding. The Fear and Greed index sits at 49, dead neutral, while DeFi TVL contracted 2.2% in line with spot prices. Spot ETF flows were a split decision: BTC drew a modest $27M inflow, but ETH saw $17M in outflows.

Public-company BTC treasuries now aggregate over 1.23 million BTC (5.86% of supply, roughly $98.4B), while ETH holdings represent nearly 6% of supply. Spot ETF flows over the past week favored BTC (+$127M) and SOL (+$62M), while ETH continued to bleed with a cumulative $8M in net outflows. Today's single-day picture echoed that pattern: BTC and SOL each attracted $27M, ETH lost $17M.

The week's macro calendar is front-loaded and inflation-heavy: April CPI prints (headline and core, both MoM and YoY) land today, followed by PPI MoM tomorrow and Retail Sales on Wednesday. Seven high-impact US releases in total and zero mega-cap earnings on deck, so price action this week will be driven almost entirely by the data tape.

U.S. Macro Releases — FMP economic calendar (filtered)

Earnings — mega-cap reports drive index direction

No mega-cap earnings on the watchlist this week.