From the recent market high, the S&P 500 is down about -5.4% in about 3 weeks, the Nasdaq down -7.1%, and the small cap index the Russell 2000 down about -8.5%. The bond market has been part of the issue with equities, the TLT (20-Year Treasury Bond) down -10.6% from the start of the year to the resent bottom. Due to the high valuations of the market, it simply cannot overcome higher interest rates.

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