Bond yields are collapsing and stocks are falling again.
Near 1:45 pm ET, the Dow was down 330, the S&P 500 was down 32 points, and the Nasdaq was down 61 points.
Bond yields were also lower, but off their lows of the morning after the market saw some action reminiscent of the bond “flash crash” on Oct. 15, when yields fell more than 30 basis points in just a few hours.
Like that crazy day in October, Wednesday’s early-morning moves followed a retail-sales report that disappointed.
In December, retail sales fell 0.9%, more than the 0.1% decline that was expected, and even excluding autos and gas, sales fell 0.3%.
Gasoline sales were a major loser in December, falling 14% when compared to the same month last year and falling 6.5% compared to the prior month.
Here’s the early collapse in 10-year yields.