Morning market:
SPY's put wall moved lower this morning to 350 with selling pressure, though not large, pushing SPY down to 355 in a low liquidity environment right from the open. Tech and growth stocks faced the greatest pressure from bond yields with the 10Y pushing right below 4.00% just before the market entered Q3 ER buying. VIX cooled off slightly as money flow started returning to the market, reducing put delta pressure, helping SPY push through the old put wall at 360, with hedges almost fully rolled down. Bank of England directly intervened in the market yesterday after announcing a temporary halt to corporate bond sales to ease pressure on financial markets, which also helped stabilize European investor sentiment.
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