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Nasdaq & Small Caps Give Up "Hawkish-er Yellen" Gains As Dec Rate-Hike Odds Tumble (Again)

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