Stocks continue to head lower this afternoon.

The S&P 500 is now trading around 1498, down 1.1 per cent.

The Dow Jones Industrial Average is now down 100 points.

It’s not just stocks, though – the yen is surging against the dollar, even while the euro tanks.

In other words, this is risk-off.

Earlier this morning, initial results looked like the market-friendly centre-left candidate was ahead in the Italian elections, but new reports are projecting former Prime Minister Silvio Berlusconi’s centre-right party in the lead for the Senate race.

The Dallas Fed’s monthly index of regional manufacturing activity also came in weaker than expected.

The chart below shows the steep dive the S&P 500 took after 10 and how brutal it’s been ever since:

S&P 500 futures

Photo: Thinkorswim

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