It’s ugly out there. 

Stocks are getting crushed as pharmaceutical and biotech stocks are in complete meltdown mode. 

Accordingly, each of the major US indexes is down at least 2%, with the Dow off 320 points, the S&P 500 off 51 points, and the Nasdaq down 144. The exchange-traded fund that tracks biotech stocks is down 6.5%. 

And when stocks and other risk assets sell off, typically you see gold — considered a “safe haven” asset — catch a bid. 

But not today, as gold prices are down about 1.1% in New York to around $1,130 an ounce.

This is when you know it’s bad. 

fut_chart (46)FinViz

The only things rallying today, it seems, are US Treasuries.