Top bank CEOs threw cold water on the rally, Big Tech led a broad pullback, and crypto traders saw billions in longs wiped out as risk appetite faded.

Market tone flipped after major bank chiefs warned that stretched valuations and post-AI euphoria could set up a 10–20% drawdown in the next year. Volatility ticked higher and breadth weakened as investors moved to de-risk.

The S&P 500, Nasdaq, and Dow all slipped, with semis and software taking the brunt. Palantir slid despite upbeat guidance, classic sign of a crowded trade meeting high expectations. Mega-cap tech cooled; money rotated defensively and into cash.

Bitcoin fell through support and dragged majors with it. A wave of derivatives liquidations erased over a billion dollars in bullish bets in 24 hours. Fragile sentiment plus higher real yields remains a tough combo for tokens.

Traders are parsing a more divided Fed and watching money-market stress indicators as the central bank weighs when and how to rebuild reserves. Policy uncertainty and thin data flow kept positioning cautious.

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Today wasn’t panic, it was a repricing. When leaders flash caution and positioning is crowded, even good news can’t carry overstretched trades. Keep dry powder, respect risk, and let prices come to you.