FYI: The sell-off in U.S. stocks accelerated in afternoon trading, with major averages plunging to session lows after falling through key technical levels. Treasuries surged, the dollar fell with oil, and gold, that traditional safe haven, posted its biggest gain in more than two years.
The S&P 500 fell more than 57 points, the Dow Jones Industrial Average lost as much as 600 points and the Nasdaq 100 Index’s losses from an August record approached 10 percent. All of the measures slumped below their average prices for the past 200 days.
Stocks initially seesawed between the red and the black Thursday following Wednesday’s big selloff. But by mid-afternoon all three major market indexes were solidly in the red, with the Dow briefly down another 600 points and the S&P 500 down a full 2%. Weakness in the U.S. spread overseas and then back. Here are a few more things to know.
The S&P 500 in on a six-day slide of almost 7 percent in what is the longest slump of Donald Trump’s presidency. Energy shares bore the brunt of selling after oil plunged by 3 percent. Financial firms contributed most to losses, with banks and insurers down at least 2.5 percent. The tech-heavy Nasdaq 100 surrendered an earlier rally and added to its 4.4 percent decline on Wednesday. Trading was heavy with volume surging roughly 55 percent above average for this time over the past 30 days.
While the recent selloff adds to the pain that many emerging markets have felt in recent months, U.S. stocks had largely been isolated from that turmoil. That changed Wednesday, with the Dow industrials falling 832 points, or 3.2%, and the S&P 500 dropping 3.3%.
The narrative in focus in the market over the past week has been on growing concerns that interest rates will keep rising in response to strong U.S. economic growth and unbridled inflation, and in turn higher financing costs will dent corporate profitability.
Regards,
Ted
Bloomberg Evening:
https://www.bloomberg.com/news/articles/2018-10-11/your-evening-briefingBloomberg:
https://www.bloomberg.com/news/articles/2018-10-10/asia-braces-for-losses-after-u-s-stocks-plunge-markets-wrap?srnd=premiumWSJ:
https://www.wsj.com/articles/markets-tumble-across-asia-led-by-tech-as-growth-worries-dominate-1539225820?mod=article_inlineReuters:
https://www.reuters.com/article/us-usa-stocks/stock-futures-show-no-relief-for-wall-street-before-inflation-data-idUSKCN1ML1KJIBD:
https://www.investors.com/market-trend/stock-market-today/dow-jones-sees-3-day-losses-of-nearly-1500-points-but-gets-support-at-critical-200-day/MarketWatch:
https://www.marketwatch.com/story/dow-futures-down-more-than-200-points-as-wall-street-looks-to-build-on-losses-2018-10-11/printCNBC:
https://www.cnbc.com/2018/10/11/us-markets-focus-on-wall-street-rout-as-it-batters-global-markets.htmlEurope:
https://www.marketwatch.com/story/italy-flirts-with-a-bear-market-as-europe-stocks-mauled-in-wall-street-led-selloff-2018-10-11/printAsia:
https://www.marketwatch.com/story/nikkei-drops-about-4-as-asian-markets-follow-wall-streets-plunge-2018-10-10/printBonds:
https://www.cnbc.com/2018/10/11/us-bonds-and-fixed-income-global-equity-markets-in-turmoil.htmlCurrencies:
https://www.cnbc.com/2018/10/11/forex-markets-dollar-yen-us-stock-sell-off-in-focus.htmlOil:
https://www.cnbc.com/2018/10/11/oil-markets-global-stock-markets-us-crude-oil-inventories-in-focus.htmlGold:
https://www.cnbc.com/2018/10/11/gold-prices-us-data-dollar-us-stock-sell-off-in-focus.htmlWSJ: Markets At A Glance:
https://markets.wsj.com/usMajor ETFs % Change:
https://www.barchart.com/etfs-funds/etf-monitorSPDR's Sector Tracker:
http://www.sectorspdr.com/sectorspdr/tools/sector-trackerSPDR's Bloomberg Sector Performance Pie Chart:
https://www.bloomberg.com/markets/sectorsCurrent Futures:
https://finviz.com/futures.ashx
