That doesn't sufficiently explain what's going on though. Sure, at this point its best to not think of stock performance as a proxy for economic health at large

That doesn't sufficiently explain what's going on though. Sure, at this point its best to not think of stock performance as a proxy for economic health at large, but institutional investors still finance their trips to the casino on credit, so its still reasonable to think that a marker for higher interest rates should bring down investor sentiment.