Why Tuesday was one of the most disturbing days for markets in recent memory, according to a Goldman Sachs pro

Tuesday's headline index moves looked unremarkable, but Goldman Sachs strategist Tony Pasquariello described the session as one of the more disturbing days for markets in recent memory, pointing to turbulence beneath the surface. When averages finish near flat while internal conditions deteriorate, the calm at the index level can mask stress in individual stocks, sectors, or positioning.

The takeaway is that headline performance alone is an incomplete gauge of market health. Breadth, the dispersion between winners and losers, and the behavior of defensive versus cyclical areas can all reveal risk appetite that the index obscures. That divergence matters because it shapes how durable a rally or selloff may be.

What to watch: whether the underlying weakness persists or reverses in coming sessions, and whether volatility measures begin to reflect it. For observers, the episode is a reminder to look past the index and examine what is actually driving returns.