The equity markets, led by the S&P 500 and Nasdaq, saw declines driven by valuation concerns, evidenced by AI-related stocks dropping despite beating estimates, and analyst warnings of a potential 10-15% drawdown. E-mini S&P 500 options activity was notably robust today after a lighter volume yesterday, with significant call buying and large put volume seen in near-term expirations. Additionally, the cryptocurrency market experienced a huge liquidation of leveraged futures positions—almost $1.3 billion—due to anxiety over the Fed rate outlook, pushing Bitcoin and Ether to their lowest points since late June and mid-July, respectively.