Welcome to the DC Today, your daily market synopsis of the Dividing Cafe, brought to you every Monday through Thursday to bring you up-to-date information and perspective on financial markets.

Well, hello and welcome to the Tuesday edition of the DC Today. We had a bit of a market selloff today. I'm going to quickly

unpack that for you and get you on your way, mostly just market talk right now. The Dow was

down 1% on the day, 344 points. The NASDAQ was down 2% on the day, and then the S&P was right in between at 1.58%.

Every sector in the market was technically negative, but utilities were only down nine basis points.

Consumer staples were only down 12 basis points.

So they were basically almost flat, and then you had materials down and technology down over 2%.

So everything was negative with it basically being kind of just barely negative all the way up to, you know, more dramatically.

So the bond market rallied huge today, especially in the short

and kind of intermediate part of the curve. The two, three year yields were down 20 basis points.

I mean, that's a substantial price movement higher. And then even the tenure was down 11 basis points to 3.4%. And that's the

10 year. So big rally in bonds for kind of the obvious reasons, risk off allocations out of

risk assets like equity into into bonds.

Here's the thing.

The market was down the first couple hours of the day, and it's entirely possible we were going to have an overall negative day.

A lot of consumer staples names were up, and it wasn't looking like a bloodbath of a day,

per se.

But then there's a big publicly traded bank called First Republic Bank

that right at the 10 a.m. time period, Pacific time, that is,

they all of a sudden dropped significantly and they had been down all morning.

And so as you watch the news and see what was happening with First Republic,

it translates into what became the market story of the day.

...