I don’t know, nor does anyone else. But I suspect the junk bond market is likely to go first.

Investors are still pouring money back into retail funds that buy junk-rated debt with an estimated inflow of $3.23 billion by Friday’s close, JPMorgan Chase & Co. analysts wrote in a note, citing Refinitiv Lipper. The cash influx was led by HYG, the biggest high yield exchange-traded fund, with net incoming cash of almost $1.9 billion. JNK, the second biggest ETF, raked in $511 million.

Poster Comment:

S&P 500 bounced higher but NASDAQ has been anemic of late.