US stocks dropped sharply again, which is bad for investors in the short term but tied to market plumbing, not a weakening economy.

• The Nasdaq fell over 3% as tech stocks like Micron tumbled, mostly from market pressure rather than bad economic news.
• A flood of new stock and bond sales is sucking up cash, with SpaceX raising $25 billion and Google planning a record $80 billion share sale.
• The Japanese carry trade is back: hedge funds borrowed cheap money in Japan, and a weakening yen is forcing them to sell winning stocks to cover losses.
• The new Fed chair Kevin Warsh has gone quiet and refuses to give guidance, leaving investors guessing and adding to the swings.
• Underneath it, the economy looks fine — FedEx, jobs data, and business surveys are all holding up.

Outlook: Expect more big swings as heavy stock sales continue, but no sign of an economic downturn, and rates are more likely to hold than rise.