While the losses landing on technology stocks over the last few days feel sudden, they weren’t completely without warning.

The signs were showing in credit markets, specifically, where investment-grade corporate bonds have been behaving in a way that portended the last big equity shakeup, in February. Goldman Sachs strategists noted that U.S. investment-grade debt has trailed equities for a month and suffered a larger dislocation Thursday that rang alarm bells.

When measured relative to volatility, credit has trailed equity by 3.1 standard deviations in the past two, four and six weeks, hearkening to a similarly large divergence in in January, analysts at the bank said. On Thursday, the five-year Markit CDX North America Investment Grade Index widened 3 basis points as the spread between 2- and 10-year yields shrank, but stock volatility added just half a point and the S&P 500 Index didn’t budge.

Another resemblance to the start of the year: tech stocks at records. While futures on the Nasdaq 100 slipped for a second day Friday, falling as much as 1.2 percent, the cash index was sitting at an all-time high as recently as two days ago.

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