Several X users claimed on Oct. 1 that U.S. stocks had suffered a sharp intraday selloff, with posts from Sweep, Carl Moon and Ted saying hundreds of billions of dollars had been wiped out in roughly the prior 100 minutes to two hours.
The supplied evidence supports that those claims were posted that afternoon. It does not independently verify the specific dollar figures or the exact 1.5-to-2-hour market move described in them.
Different posts offered different explanations
Some of the same posts also tried to explain the weakness, but not in exactly the same way. Ted wrote that “rising yields and a strong dollar” were making investors nervous about holding stocks. Separately, K A Y posted that jobless claims had come in below expectations and that a weaker ISM PMI “helped wipe around $550B” from U.S. stocks in 25 minutes.
Those are supported here as attributed social-media claims, not as independently confirmed causes of the move.
What the supplied market commentary does support
Other supplied commentary shows that higher yields were a live concern for stock investors that day, even if it does not verify the viral wipeout totals. In a thread on X, Fidelity macro strategist Jurrien Timmer said that if yields continue to rise, the present value of future cash flows declines under discounted cash flow math. He also said strong earnings growth can offset some of that valuation pressure, arguing that booming earnings could spare the market a much deeper drawdown even if bond yields keep climbing.
Separate commentary pointed to a market that had already looked shaky beneath the surface. A thread from Bull Theory said the S&P 500 fell 0.59% in September while 78% of its components were down for the month, and that the U.S. 10-year Treasury yield had reached its highest level since 2002.
That supports a narrower takeaway than the viral posts made: multiple X users did claim a sharp intraday selloff, and separate supplied commentary did describe rising yields as a real pressure point for equities. But on the evidence provided here, the specific “hundreds of billions wiped out” figures and any single definitive explanation for the alleged move remain unverified claims rather than independently confirmed market accounting.
Comments