Selloff Extends Further

The most likely near-term path is continued pressure as investors reprice fiscal policy, state-bank lending, and possible intervention at Petrobras and public lenders. The rout is already three days old, so the incremental move is meaningful but not a systemic crisis unless policy signals worsen sharply.

Each figure is the modeled move of the S&P 500 if the outcome occurs. For information only. Not investment advice.