FYI: Selling on the NYSE on Wednesday afternoon has reached panic-like proportions, as the exchange's Arms Index rose. The Arms is a volume-weighted breadth measure, that tends to rise when the broader market falls, as the intensity of the selling in declining stocks is usually greater than the intensity of buying in rising stocks. Values above 2.000 are considered panic-like activity. The NYSE ARMS index showed 2,226 decliners for 726 advancers and was at 2.069, and has been hovering around readings of 2.000 or greater late Wednesday, according to FactSet data. So far, selling has been broad based, with the the Dow Jones Industrial Average DJIA, -2.47% trading down 512 points, or 2.1%, threatening to notch its third triple-digit drop in a row. Meanwhile, the S&P 500 index SPX, -3.10% was down 2.7% at 2,666, while the Nasdaq Composite Index COMP, -4.38% perhaps the hardest hit of the U.S. benchmarks, was down more than 4.1%. and poised to end in correction territory for the first time in two years. The Dow and S&P 500 also were on the verge of wiping out their 2018 gains.
A punishing stretch for markets continued Wednesday, with technology stocks leading major indexes lower yet again as worries about global economic growth and corporate earnings continued to spook investors.
The tech-heavy Nasdaq Composite slumped 4.43% and was on track to close in correction territory, defined as a drop of 10% from a recent peak. Semiconductor stocks dragged the technology sector lower following weaker-than-expected sales targets from Texas Instruments, and downbeat earnings from AT&T hurt communications shares.
The S&P 500 slid 3.0% and is on pace for a sixth consecutive decline and 13th drop in the past 15 sessions. The Dow Jones Industrial Average fell 600 points, or 2.4%, to 25,079 after opening slightly higher. Like the S&P, the blue-chip index is more than 7% off its recent all-time high and has been recording bigger-than-normal intraday swings.
Anxiety about weakness in the global economy and a slowdown in corporate profitability have swung global stocks and commodities lately. The declines in tandem across asset classes have raised concerns that the worst could still be ahead for investors, who are also grappling with the impact of higher interest rates.
“We just have a bunch of different uncertainties, and that raises the fear factor all around,” said Jerry Braakman, chief investment officer of First American Trust.
Analysts have been weighing whether the recent selloff heralds the end of a prolonged period of strength in the U.S. or is simply a temporary adjustment.
Regards,
Ted
Bloomberg Evening Briefing:
https://www.bloomberg.com/news/articles/2018-10-24/your-evening-briefingBloomberg:
https://www.bloomberg.com/news/articles/2018-10-23/asia-stocks-look-mixed-as-late-u-s-rally-falters-markets-wrap?srnd=premiumWSJ:
https://www.wsj.com/articles/european-stocks-rise-after-volatile-day-on-wall-street-1540367863MarketWatch:
https://www.marketwatch.com/story/dow-futures-drop-220-points-as-stock-market-extends-rout-2018-10-24/printIBD:
https://www.investors.com/market-trend/stock-market-today/the-stock-market-correction-just-got-a-lot-worse/Reuters:
https://www.reuters.com/article/us-usa-stocks/wall-street-drops-as-chipmakers-fan-corporate-growth-fears-idUSKCN1MY1LZ?il=0CNBC:
https://www.cnbc.com/2018/10/24/dow-poised-for-triple-digit-losses-at-the-open-after-tuesdays-500-point-recovery.htmlU.K.:
https://www.marketwatch.com/story/weak-pound-barclays-help-drive-gains-for-ftse-100-2018-10-24/printEurope:
https://www.marketwatch.com/story/deutsche-bank-slumps-to-new-lows-in-otherwise-stronger-europe-markets-2018-10-24/printAsia:
https://www.marketwatch.com/story/asia-stocks-falter-unable-to-build-on-late-comeback-in-us-markets-2018-10-23/printBonds:
https://www.cnbc.com/2018/10/24/us-treasury-yields-tick-lower-ahead-of-data-fed-speeches.htmlCurrencies:
https://www.cnbc.com/2018/10/24/forex-markets-wall-street-dollar-yen-swiss-franc-in-focus.htmlOil:
https://www.cnbc.com/2018/10/24/oil-markets-saudi-arabia-us-sanctions-on-iran-global-economy-in-focus.htmlGold
https://www.cnbc.com/2018/10/24/gold-prices-geopolitics-and-global-economy-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 
