This is not a pretty picture in any sense.

Now you can argue that if you ignore yesterday’s gain, this isn’t that bad. But I won’t make this argument because a 6% loss is a 6% loss and it’s one of the worst days ever for stocks.

If there’s any sliver of good news is that’s the May intraday low hasn’t broken.

If there’s bad news it will be that wages post a surprising rise in tomorrow’s nonfarm payrolls report. Avg hourly earnings are forecast to rise 0.4% m/m and 5.5% y/y.