US stocks dove in early trade on Thursday after some disappointing data out of China that showed foreign demand for its goods is weakening.
All major indices were down by at least 1% around 10 a.m. ET.
However, stocks recovered some of their losses as the day went on, but still ultimately finished in the red.
First up, the scoreboard:
- Dow: 18,104.04 , -40.16, (-0.22%)
- S&P 500: 2,132.31 , -7.11, (-0.34%)
- Nasdaq: 5,211.62 , -27.58, (-0.53%)
- WTI crude oil: $50.46, +0.28, (+0.56%)
- 10-year Treasury yield: 1.743%, -3.5 basis points
- Thailand’s King Bhumibol, the world’s longest-reigning monarch, has died at age 88. “The death of Thailand’s highly-revered king will plunge the country into a state of mourning, and also deep political uncertainty. There is a risk that political tensions flare up, triggering a slowdown in economic growth,” argued Krystal Tan and Gareth Leather of Capital Economics.
- The Thai baht surged in the aftermath, getting up by 0.9% at 35.361 per dollar. In other currency news, the Turkish lira touched a record-low of 3.1131 earlier in the day, before retracing most of its losses.
- Initial jobless claims were unchanged at 246,000 last week. The weekly print has not crossed the 300,000 mark for 84 straight weeks, the longest streak since 1970.
- Renters in Manhattan are pushing back against exorbitant prices. In September, the median rental price fell 1.2% to $3,396 year-over-year, according to a report from Douglas Elliman Real Estate released on Thursday. This was only the second time in 2016 that the median rent fell. It was flat in August, Bloomberg noted.
- The Bank of Korea, which held rates on Thursday, is worried about Samsung. BOK Governor Lee Ju-yeol said that the electronics giant’s cancellation of one of its flagship phones could affect the economy, although the bank needed more time to assess the situation.
- Goldman Sachs is ready to lend you money. The firm officially launched its consumer loan platform, Marcus, which will offer fixed-rate, no-fee personal loans of up to $30,000 for two- to six-year periods.
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