First Silvergate, now Silicon Valley Bank, Signature Bank, and Silly old JPMorgan - all getting hammered lower for various financial and reputational reasons...

SIVB has lost over half its value amid heavy losses on startup investments...

Signature bank is down over 10% on crypto fears...

And JPMorgan is dumping on Staley/Dimon headlines...

All of which is dragging Financials lower...

Smashing the major equity indices into the red...

The S&P busted back below its 50DMA and is heading towards the 100- and 200-DMA...

And bond yields tumble in a flight to safety. 10Y Yields are down 10bps....

2Y yields are down 19bps!

Bitcoin puked back down to $21,000...

Of course, all this will be reversed if we see a big miss on payrolls tomorrow.

And of note, we are seeing short-term rates drift notably dovishly...

Do STIRs know something about tomorrow's NFP? As a reminder, the S&P 500 has had a standard deviation of some 1.51% on the day before payrolls.