It’s ugly out there.
Stocks are getting crushed as pharmaceutical and biotech stocks are in complete meltdown mode.
Accordingly, each of the major US indexes is down at least 2%, with the Dow off 320 points, the S&P 500 off 51 points, and the Nasdaq down 144. The exchange-traded fund that tracks biotech stocks is down 6.5%.
And when stocks and other risk assets sell off, typically you see gold — considered a “safe haven” asset — catch a bid.
But not today, as gold prices are down about 1.1% in New York to around $US1,130 an ounce.
This is when you know it’s bad.
The only things rallying today, it seems, are US Treasuries.
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