The Market Is Crumbling

The selloff in stocks is picking up pace in the final hour of morning trading in the United States.

The S&P 500 is down 0.5 per cent at the moment, and it’s the first big move we’ve really seen today:

S&P 500 dec 26

[credit provider=”Thinkorswim”]

The euro just fell fast against the dollar as well, erasing the sharpest upward move we’ve seen in about a week earlier this morning.

At the same time, U.S. dollar futures spiked a bit – which confirms that this is a U.S. dollar story.

The VIX is also roaring higher. It’s up over 8.5 per cent this morning:

VIX december 26

[credit provider=”Thinkorswim”]

Apple shares continue to underperform today. The stock is currently down 1.5 per cent, near its lows of the session.

WTI crude oil futures have flattened out around $90.90 after a big upward move at 9 AM, when headlines about a foiled terrorist plot in the Middle East broke. It’s unclear whether that story was responsible for the price surge.

This morning, the Case-Shiller Home Price Index rose slightly ahead of estimates.

However, the Richmond Fed Manufacturing index fell faster than expected.