Consumer confidence: The Conference Board index fell to its lowest level since April 2014.
Market divergence: The S&P sits near a high while equal weight is 5%+ below its peak.
Bond quarter: The US 30-year yield is back at 5.47%, levels last seen in the early 2000s.
Credit stress: High-yield spreads widened to 294bp, the highest since April.
Q4 setup: Mild Q3 gains have been followed by a positive Q4 in 17 of 18 cases.
Risk appetite: The equity put/call ratio fell to 0.38, its lowest reading since 2023.
