Stocks Flop AGAIN: Here's What You need To Know

It could have been worse, true, but it was still a pretty uninspired performance from the bulls today.

But first, the scoreboard:

Dow: -52
S&P 500: -5

And now, the top stories of the day:

  • The “day” really started at 4:01 PM ET on Wednesday, when Cisco came out with mediocre earnings, and a mediocre outlook. The normally cocksure CEO John Chambers delivered a rambling conference call replete with all kinds of wishy-washy Fed-speak about uncertainty. The stock tanked after hours, as did futures
  • The pain continued early on in Japan, with the Nikkei sliding by 2% at one point.
  • But markets came back. Whispers about a Yen intervention by the BOJ helped depress the yen (a little) and create a comeback in equities. But there was no intervention and things drifted back. In Europe, some solid earnings did help matters.
  • US futures had a bit of a comeback until the initial claims data at 8:30 confirmed that things are indeed getting worse on the jobs front.
  • Beyond the stock move, today saw notable strength in gold, and weakness in the euro, as all the old sovereign debt fears seem to be raging back.

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