Equities experienced a sharp sell-off, with technology under huge pressure for the second day, driven by concerns over the path of interest rates and worries about AI valuations and CapEx. The Dow fell about 1.5% after hitting a record high yesterday, the S&P fell 1.7%, and the Nasdaq-100 was the largest loser, down nearly 2.5%, dipping below its 50-day moving average. The interest rate outlook has shifted quickly, with the CME FedWatch tool now showing a nearly 50/50 probability for a December rate cut, down from almost 100% just a few weeks ago and 63% yesterday. The crypto space was also hit hard, with Bitcoin dipping below $98,000 and Micro Bitcoin futures trading over 110,000 contracts at CME. Ether was down to $3,150, and Micro Ether futures saw a volume of almost 250,000 contracts. Overall implied volatility is elevated, with at-the-money implied volatility for tomorrow at 18%, though not as high as previous sell-offs.