Photo: AP Images
The US session was strong most of the day, but in the final hour stocks really started to slide, with the NASDAQ ending down, and the Dow ending with only modest gains.The selling continues in Asia, notably in Japan, where the Nikkei is off over 1%.
A possible concern: China.
China is set to release a slew of fresh economic data, and the thinking is that it will be bad. Why? Because at 7:00 AM ET on Thursday, the People’s Bank of China announced a shock 25 basis point cut, which is something it would only do if the hard landing fears were seriously growing.
Not long after the cut, the meme began to spread: The next data batch will be bad. At least it makes for a good excuse to lighten up going into the weekend.