Welcome back to The Breakdown with me, NLW.

It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.

What's going on, guys? It is Tuesday, March 11th, and we are talking about how everyone is down bad.

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It has been rough out there, friends, in market land, not just in crypto, although obviously we've been following that closely, but just everywhere. If last week's macro picture was

uncertainty around tariffs, this week the message has become clear. Recession fears are coming

into focus with stocks accelerating to the

downside. The S&P 500 sold off by 2.7% yesterday, while the NASDAQ saw a 4% single-day collapse.

More than a trillion dollars in value was ripped from the tech-heavy index, as the Magnificent

7 dropped by 5.4%. This was the worst day overall for the NASDAQ since 2022. And with the index now 8.6% off the highs,

we are almost halfway to bear market in U.S. tech stocks. The MAC 7 crossed that technical threshold

on Monday, now down 20% from their December peak. The mood has shifted from concern to fear,

and the breathless quotes are starting to fill the financial press.

Michael Bailey, Director of Research at Fulton-Breekfield-Bronaman, said,

Sell your winners, embrace the bear case, and duck and cover.

Amy Wu-Silberman of RBC Capital Market said,

There's going to be a period where I think it's going to be panic at the disco.

We haven't gotten there yet, but as these levels climb, there will be unwinds and more uncertainty that triggers even more. Now, clearly, this is all about the new White House and its agenda of global

economic reform. While some were optimistic about regime change and a realignment towards

...