The S&P 500, the flagship U.S. stock market index, is now acting like a meme coin with extremely volatile price swings.
In fact, according to Bloomberg's Eric Balchunas, it is now more volatile than Bitcoin, the largest cryptocurrency.
Following the most recent crash, the S&P 500 has now recorded six consecutive days with swings exceeding 6%. Earlier today, the index collapsed to an intraday low of 5,115, losing 6.14%. It is now way off these lows, but it is still down by roughly 3.5%.
The flagship index is now down five out of the last six trading days. It is down roughly 14% from its peak in February despite the massive rally that took place on Wednesday.
This Thursday, bears are back in the driver's seat despite the encouraging inflation numbers that were released earlier today. Still, concerns about the tariff fight with China remain front and center.
Treasury Secretary Scott Bessent has downplayed the severity of the recent crash, claiming that he did not see "anything unusual."
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