A huge Turkish flag is obscured by black smoke from burning barricades during clashes between police and anti-government protesters in Istanbul’s Taksim square June 11, 2013.
First markets went down, then they went up, and then they went down again.
With that, the scoreboard:
- Dow: 15,122.25, -116.34, (-0.76%)
- S&P 500: 1,626.18, -16.63, (-1.01%)
- Nasdaq: 3,436.95, -36.82, (-1.06%)
And now, the top stories:
- This morning, the global bond market sell-off gathered steam as 10-year U.S. Treasury yields once again rose to their highest levels in over a year. Nowhere was immune to the selling – yields rose across both the core and peripheral eurozone, as they did in other developed economies and emerging markets around the world. Stocks and commodities worldwide fell as well.
- The sell-off in emerging markets continues to smash EM sovereign debt. Turkish 10-year government bond yields in rose 35 basis points to 7.72%, while Russian 10-year yields rose 20 basis points to 7.67%. Meanwhile, Mexican 10-year yields rose 13 basis points to 3.45% and Brazilian 10-year yields advanced 11 basis points to 3.91%. And the Indian rupee hit a record low against the U.S. dollar.
- Around 11 AM, U.S. stocks attempted a comeback.
- However, it didn’t last very long, and by early afternoon, the yen was surging against the dollar again. Stocks rolled over, erasing earlier gains.
- In company news, shares of yoga clothing retailer Lululemon plunged more than 16% after CEO Christine Day announced in yesterday’s earnings release that she would be stepping down.
- DON’T MISS: 10 Countries That Are Losing A Fortune On The Collapse In Gold >
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