Update: The bloodbath continues and US equities have erased all the gains from Friday afternoon's hope-filled surge...

The Dow is down 600 points...

With all major indices crashing below their key technical levels...

10Y Yields are tumbling too...

Crashing the 2s10s curve to single-digits...

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As we detailed earlier, the euphoria of Sunday night's futures open has collapsed into a dysphoric dump as stocks tumble into the red, erasing all the trade-truce gains...

For now it is unclear the catalyst for the latest leg lower, but technicals (Dow/S&P breaking key moving averages), or geopolitics (US threatens Russia over INF Treaty), or even Brexit (UK Govt found in contempt) have been cited...

The Dow is crashing, down over 500 points...almost erasing all of Friday afternoon's surge also...

This leg lower hit as Cable crashed after a UK government vote to find the government in contempt over its refusal to release legal advice on Brexit. The 311-293 vote shows the uphill battle Theresa May faces in getting her Brexit deal passed next week and the potential political standoff ahead.

And the yield curve inversion continues to accelerate.

"that wasn't supposed to happen..."