Good morning. Unhedged called for calm yesterday and, boy oh boy, did no one listen. But, with stocks in Asia recovering in early trading today, is the shock behind us? Read on, and email us: [email protected] and [email protected].  

Picking through the rubble 

The timeline goes like this. The manufacturing ISM report last Thursday and the employment report on Friday together cast the shadow of recession over the US economy, which up until then had been, in the eyes of the market, gliding to a perfect soft landing. Stocks fell hard, Treasuries rose sharply. Over the weekend came the news that Berkshire Hathaway had sold much of its immense stake in Apple. On Monday, Japanese markets sold off in historic fashion, and much of Asia followed. The US, which you might have thought was done freaking out on Friday, freaked out again yesterday. 

Here are the most important US price moves from what is now a two-day rout.