At of the end of September, the S&P 500 was down for two straight months, as the Troika of surging rates, energy prices, and a stronger dollar weighed on performance. Interest rate-sensitive sectors such as Utilities and Real Estate have performed the worst. An increasing number of companies in the index cannot cover their interest expense with operating cash flow. Meanwhile, bankruptcy filings are also on the up. Is this the next thing that “breaks”?