The opening bell just rang at 9:30, and the stock market just went negative after futures were up marginally all morning.
Right now, The S&P 500 is down 0.2% to 1658. S&P 500 futures peaked out around 7:15 AM before turning lower.
The index has closed down in seven of the last nine trading sessions. ConvergEx Group chief market strategist Nick Colas argues this morning that this sell-off is the market finally returning to fundamentals.
Gold initially spiked around 9:20 AM on a large buy order but has now retraced all of that move and is up only 0.1% to $US1362 an ounce. JPMorgan analysts are out with a note recommending clients position for short-term gains in gold ahead of the Denver Gold Forum in late September.
The yield on the 10-year Treasury note is up 2 basis points from yesterday’s close to 2.79%.
In Europe, the London FTSE and German DAX are trading lower while the Spanish IBEX 35, the French CAC 40, and the FTSE MIB are moving higher. Sovereign bond yields across the eurozone are falling.
Asian markets closed in the red overnight — the Japanese Nikkei 225 shed another 0.8%, while the Hong Kong Hang Seng fell 0.1% and the Shanghai Composite finished 0.6% lower.
July housing starts and building permits data released at 8:30 AM ET revealed that activity in new home construction was growing at a slower pace than expected.
Out at 9:55 AM are the preliminary results from the University of Michigan’s consumer confidence survey (follow the release LIVE here »). Economists expect the index to tick up a notch this month.
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