I saw that the U.S. stock market opened quite badly today. The S&P 500 fell 0.51%, the Nasdaq dropped 0.61%, and the Dow Jones went down 0.7% from the start. Nothing extraordinary in numbers, but what's interesting is that it happened in almost everything: 10 out of 11 sectors declined. Typical when there's widespread pressure and it's not just a specific sector.

It seems that several things converged: bond yields rose, Asian and European markets came in weak, and people are nervous about what the Fed will do. The VIX jumped 15% before the open. Tech stocks suffered more than the rest, as expected with higher bond prices.

Historically, March is always like this, quite volatile. This follows a strong February, so it's probably just normal consolidation. The stock market has shown solid fundamentals, but today was one of those days when everyone becomes cautious at the same time. We'll have to see if it recovers in the afternoon or if the pressure continues.