Stocks Are Sliding Fast

Since the opening bell, U.S. stocks have taken a turn downward, and are now trading near their lows of the day.

Right now, the S&P 500 is trading at 1695, down 0.7% from yesterday’s close.

Treasuries, on the other hand, aren’t moving much. Right now, the yield on the 10-year Treasury note is 2 basis points higher from yesterday’s close at 2.65%.

The economic data calendar is thin this week. The only notable release in the United States today was June trade balance data, which saw the U.S. trade deficit shrink to $US34.2 billion from $US45.0 billion in May. Market economists predicted a much smaller reduction to $US43.5 billion.

In the wake of the release, economists are revising up tracking estimates for second-quarter GDP figures.

Gold is down 1.5%, trading around $US1283 an ounce, while WTI crude oil is down 1.0%, trading right around $US105.50 a barrel.

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