Equity markets saw a large reversal today, with bank stocks hit by worries over bad loans. The S&P 500 futures traded in a 1.5% range, and small caps were hit hardest, with E-mini Russell 2000 futures falling approximately 2.5%. The cautionary sentiment is visible in the options market, as over 80% of E-mini S&P 500 options expiring within five days are put options, pushing implied volatility toward 20%. Markets are facing pressure from the ongoing government shutdown and US-China trade tensions. In the crypto space, Bitcoin traded below $108,000, with Micro Bitcoin futures at CME seeing volume near 100,000 contracts.