North American stocks have been sliding all morning.
The S&P 500 index is down 0.6%, trading at 1760, 14 points off the highs of the morning.
The Dow Jones Industrial Average is down 0.2%, but the NASDAQ is the big lagger, down 1.0%.
And after a boost earlier, European indices are now giving up gains. The Italian FTSE MIB is down 1.6%, and the London FTSE 100 and the Spanish IBEX 35 are in negative territory as well.
Meanwhile, 10-year U.S. Treasury futures are up 0.2%, and the yield on the 10-year note is at 2.62% (down 3 basis points from yesterday’s close), while gold is down 0.6%, trading at $US1310 an ounce.
So far, it’s been a pretty crazy morning.
We had a surprise rate cut by the ECB, which sent the euro plunging and European stock indices — as well as U.S. futures — higher (at least for a while).
Then, at 8:30 AM ET, we got both the first look at Q3 U.S. GDP growth (which unexpectedly accelerated) and the latest initial jobless claims (which fell, but came in just slightly above expectations).
Now, all the buzz is about the Twitter IPO. Shares just opened for trading, and right now, they are north of $US47, up 81.5% from the opening price of $US26.