With NKE almost single-handedly holding The Dow up, the rest of the US equity market is rapidly giving back any gains from a hawkish Yellen and 'fixed' European automaker market. Notably, Dec rate-hike odds were 41% pre-Yellen, jumped to 49% earlier this morning, but have now fallen back to 42%... so the 'market' is not "embracing" a rate hike environment as one supposed expert said this morning...and the Biotech bloodbath is weighing everything down... And then it all went pear-shaped... Small Caps and Trannies are now down over 5.5% since The FOMC Meeting As Biotechs collapse... Charts: Bloomberg