U.S. stocks are going nowhere but down today.
The S&P 500 is now trading at 1625, down 0.7% from yesterday’s close and 15 points off this morning’s high of 1640.
The dollar-yen exchange rate, which has been closely correlated with the S&P 500, tanked earlier today, briefly falling below ¥94 to a low of ¥93.98 as the yen strengthened. However, it’s since stabilised around ¥94.20.
Stocks continue to fall, nonetheless.
Meanwhile, the yield on the 10-year U.S. Treasury note is rising and, at 2.14%, is now only 1 basis point lower from yesterday’s close.
Gold (up 0.7% at $1387 an ounce) and oil (up 1.3% at $97.99 a barrel) are both trading sideways this afternoon.
The chart below shows today’s move in S&P 500 futures.
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