March begins with a sudden structural failure. The S&P 500 gap-down opened today, ultimately shedding 1.8% as the ISM Manufacturing PMI printed an unexpected 52.4—the highest expansionary read in over a year.
Credit Dominance Check: The "good news is bad news" algorithm is back online. Stronger factory orders instantly repainted the rate-cut horizon, causing the 10-Year yield to violently spike 14bps to 4.59%.
The Glitch: We are trapped in a feedback loop. Until the economy actually shows signs of breaking, the cost of capital will continue to choke off the valuation multiples of the future.