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So far October is looking like the exact opposite of September. And September was great.But first, the scoreboard:
S&P 500: -9.39
And now, the top stories of the day:
- The day started in “risk on” mode with most of Asia hitting two years highs, with the exception of Japan (which is unique, and its own story). Bank stocks in Japan hit a fresh low, with shares even lower than they were during the crisis.
- However, that rally didn’t last deep into Europe. Ostensibly some comments from Joe Stiglitz about the breakup of the EU had something to do with a selloff in the euro and national bourses, though we’re sceptical that that’s really what happened. Regardless, that set the stage for a selloff in the US, and US futures were decisively lower in the pre-market and in the early hours of trading.
- Tech was particularly weak in the US. An early Goldman downgrade of Microsoft whacked the sector. Apple continues to be unusually heavy.
- At 10 we got two pieces of macro news. Pending home sales and factory orders were both pretty weak.
- It ended up as a classic “risk off” day, with the dollar pretty much the only thing rallying. Even gold was ho-hum.
- Volume was characteristically horrendous. Duh.
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