The US Stock Market Is Tumbling


The stock market has been heading lower all day.

Right now, the S&P 500 is down 1.4% to start the week, trading at 1811. The Nasdaq is down 1.7%, and the Dow Jones Industrial Average is down 1.1%.

The U.S. dollar is down 1.2% against the Japanese yen today, trading near ¥102.90.

“Admittedly, the pullback has been from record highs, so we’re reluctant to call it anything more than a consolidation after a solid run,” says Ian Lyngen, a senior government bond strategist at CRT Capital. “We’re sceptical of the explanations offered for the pullback, such as attributing the move to the Fed’s tapering decision and/or valuation concerns — this strikes us as simply excuses chasing price action.”

As stocks fall, Treasuries are heading higher. The yield on the 10-year U.S. Treasury note is trading at 2.82%, 4 basis points below Friday’s close.

No major economic data reports were released today, but Tuesday, the U.S. Census Bureau releases advance retail sales figures for the month of December.

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