In a dramatic turn, the S&P 500 suffered its steepest drop since early 2020, shedding $1.8 trillion in value after Federal Reserve Chair Powell's firm stance on interest rates. This sharp decline has dashed hopes for a year-end rally, leaving investors grappling with uncertainty.

Amid the chaos, the crypto market remains unexpectedly stable, showing resilience despite the turmoil in traditional assets. The prospect of a “Santa Claus” rally now seems distant, with economic pressure expected to linger well into 2024.

Adding another layer to the story, speculation swirls that political leaders, including Trump, may soon weigh in, potentially adding to the volatility. For now, traders face a landscape of heightened risk and fragile sentiment across markets.

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