We Are Still Early: One Brutal Wall Street Session Erased More Than the Entire Crypto Market

The S&P 500 alone wiped out roughly $3 trillion in market value within a single trading session. Just a day after the post-election relief rally, Wall Street suffered one of its most violent sessions in years, with S&P 500 companies wiping out roughly $3 trillion in market value as the Nasdaq posted its steepest daily drop since the pandemic era. The scale of the destruction also produced a rather intriguing comparison: more value disappeared from US stocks in one session than the entire cryptocurrency market is currently worth. Wall Street Calamity According to the Kobeissi Letter, the S&P 500 alone lost about $3 trillion in market capitalization during Thursday’s session, roughly $750 billion per hour from the opening bell. Dow Jones Market Data independently put the loss at around $2.9 trillion, the largest single-day wipeout on record for the index’s constituents. Nasdaq companies lost another $2.5 trillion, while the Magnificent Seven shed just over $1 trillion. The scale of the selling was particularly relentless, as analysts from the KL pointed out that the S&P 500 and the Nasdaq staged at least five intraday rebound attempts, including a single rally of 1.7%...