This is not a broad macro-driven correlation event but rather a single-stock correction, says Paolo Schiavone, Goldman Sachs macro trader/strategist.
Value markets remain firm, credit is stable, volatility is at intraday lows, cyclicals are performing well, and 62% of the S&P 500 is higher.
US high-yield credit spreads at 2.59%, their tightest levels since June 2007 and trading in their lowest historical percentile.
