The Market Is Getting Smoked

US stocks are trading in the red.

The Dow is down 210 points (-1.2%). The S&P is down 21 points (-1.1%).

Trading at 1,945, the S&P 500 is down 3.6% from its all-time high of 2,019, which it set on Sept. 19. However, it’s still above its Oct. 2 low of 1,926.

Meanwhile, Treasury bond prices are rallying. The yield on the 30-year bond just touched its lowest level since May 2013.

The US economic calendar is light today. According to the new Job Openings and Labour Turnover Survey, US companies had 4.835 million job openings in August, up from 4.605 million in July. This was also higher than the 4.700 million expected.

Earlier, we learned German industrial production activity dropped 4% in August, which was much worse than the 1.5% expected. This only adds to concerns that Europe’s largest economy will drag the whole eurozone into a recession.

Among the big losers in the US markets is SodaStream, which warned that its Q3 revenue and earnings have fallen far short of analysts forecasts. Shares are down 20%.

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