It’s really ugly on Wall Street.
First, the scoreboard:
Dow: 16,659.3, -335, (-2%)
S&P 500: 1,928.2, -40.7, (-2%)
Nasdaq: 4,378.3, -90.2, (-2%)
This follows what was a furious rally on Wall Street on Wednesday, as the Dow gained more than 270 points and all the major indexes gained more than 1.6%.
On Thursday morning, bond yields fell all around the world, with the yield on the US 10-Year Treasury note falling to below 2.3%, its lowest level of the year.
There is a lot going on out there today, but via Dave Lutz at JonesTrading, here are five things that traders are looking at today:
- Global growth concerns are mounting after terrible German trade data, comments from Mario Draghi, and Larry Summers comparing the growth in Europe to what Japan faced in the mid-1990s.
- Ebola fears are continuing, as travel stocks including cruise liners and airline stocks are lower.
- Headlines suggesting that oil production from OPEC companies continues to increase is putting pressure on oil prices, which been getting hammered recently as crude oil is now below $US86 a barrel for the first time since 2012.
- Energy stocks, namely coal stocks, are getting hammered.
- The VIX has spiked more than 17% to near 18, its highest level since February.
And again, a lot going on out there today, and these five points certainly don’t capture everything going on in the markets, but these are at least some key points that a number of traders out there are taking note of.