Markets wiped $3.2T

Global equities lost roughly $3.2 trillion in 48 hours as investors re‑priced risk after renewed strikes and supply concerns pushed oil toward the mid‑$80s per barrel. (economictimes.indiatimes.com) The S&P 500 dropped roughly 3% across two trading sessions, including a 1.52% one‑day decline to about 6,672.62 on March 12. (cnbc.com) Market internals showed the sell‑off was narrow: NYSE decliners outnumbered advancers nearly 2:1 and the McClellan Oscillator plunged to around −184, signaling collapsed breadth beneath the headline indices. (markets.financialcontent.com) Volatility products exploded higher — the VIX jumped into the mid‑20s (VIX ~27.3 on March 12) while the VIX‑futures ETN VXX rallied roughly 22% across March 5–6 (a +6.45% day followed by +13.71%). (zacks.com) Liquidity in S&P 500 futures thinned to about $5.1 million top‑of‑book depth on March 15, roughly 61% below its historical average and near lows last seen during April 2025’s tariff shock — Goldman data notes readings under ~$7M flag market stress. (phemex.com) Technicians pointed to an expanding wedge on Nasdaq price structures and chatter about downside scenario levels resurfaced — Goldman and other desks highlighted an S&P downside scenario targeting roughly 6,300 if growth and multiples weaken. (axioryintelligence.com) The sell‑off concentrated losses in mega‑caps and levered strategies — U.S. exchanges alone erased roughly $1 trillion in market value on the worst session, while JPMorgan flagged hedge‑fund pain and spike‑triggered unwinds reminiscent of last year’s turmoil. (financialcontent.com)