Stocks Slide, Bonds Bid As Crude Crumbles After a promising start to the overnight session, which saw both Asia and Europe perk up to start the new month alongside a furious surge in GameStop on the latest meme stonk shenanigans by Roaring Kitty, the mood deteriorated rapidly, and after a very ugly, and quite stagflationary Mfg ISM print, which printed below the lowest estimate (and just as ugly Construction Spending print to boot), the hard landing trade re-emerged, and "bad news was once again bad news" as both yields.