Everything is getting slammed again.
US stocks are selling off after a rally Thursday, which marked the best day for the S&P 500 this year. In early afternoon trading, the Dow fell more than 500 points.
The S&P 500 dropped 3% and crossed below its August 2015 sell-off low, and to the weakest level since October 2014.
Losses for stock futures deepened ahead of the market open after we got a triple whammy of economic data that missed expectations. Notably, the Empire State Manufacturing Survey fell to the weakest level since 2009, reflecting the continued pain that the sector is experiencing nationwide.
In his daily briefing, White House press secretary Josh Earnest said the Treasury is monitoring the sell-off.
Major indexes around the world, from the DAX in Germany to the FTSE in the UK, also bled red on Friday.
And, the yield on the benchmark 10-year note fell below 2% for the first time in three months. Bond yields fall as prices rise, and US treasuries — considered a safe haven at times like this — are seeing strong demand.
To start Friday, both West Texas Intermediate crude oil and Brent crude — the US and international benchmarks — are back below $30 a barrel. WTI fell more than 5% to as low as $29.41 a barrel.
The drop in oil comes amid possible news today that Iran has curbed its nuclear program, paving the way for exports to resume as sanctions are lifted. A diplomatic source told Reuters earlier this week that the International Atomic Energy Agency could give the green light as soon as Friday.
And as we’ve seen in recent days, all this would not be complete without some news from China, where stocks have fallen 20% from their peak, entering a bear market.
Despite government efforts to support stocks, the Shanghai Composite slumped more than 3% on Friday.