Update II: And now it’s below 900.
Update: The S&P 500 is straddling the much-watched 900 mark. It briefly dipped below it, but is now just above it.
Original post: First of all, happy Monday!
Second of all, yikes.
The market frailty that’s been emerging over the past 7 or 8 trading days is manifesting itself in an ugly way this morning, with the major indices down 1.5-2.2%. The NASDAQ is the big offender, falling 42 points. The meaningless Dow is off the least.
What’s getting hit? Pretty much everything, though oil and gold are feeling particular pain. Financials are all lower, as well.
Goldman Sachs (GS) is down less than 1%, outpacing its financial peers, perhaps on the idea that the upcoming record bonuses is good news.