Need to Know: Under the surface, this stock market is slowly ‘rotting away’

Some crazy lucky person is $1.6 billion richer this morning, but chances are slim it’s you, unfortunately.

Here’s some Mega Millions perspective from Deutsche Bank’s Jim Reid: “To put this mind-boggling sum in some context…the Bloomberg global equity index lost $637 billion in market cap yesterday (Tuesday). So we’ll need a few lottery winners to fill the gap at the moment.”

And that gap could get bigger, with more volatility on Wall Street lurking this morning. On that gloomy note, our call of the day, from Wolf Richter of the Wolf Street blog, warns investors not to be fooled by the “hunky-dory” surface of this market as the rot is setting in.

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