Bob Iaccino covers the E-mini Russell 2000 futures market as the December contract drops over 8.6% from its August 17 all-time high, nearing technical correction territory. The selloff is driven by elevated long-term borrowing costs for small-cap companies, despite a recent drop in short-term rates tied to shifted Federal Reserve rate hike expectations. Additionally, Iaccino breaks down the latest U.S. 10-Year Treasury Note auction, where strong demand for $39 billion in issuance pulled the 10-Year yield down from its highest level since 2002. However, long-term debt costs remain a significant headwind for small caps.