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Dave Lutz of Stifel, Nicolaus offers some theories about why the market tanked.We summarize:
- Europe: No money injections into EU banks yet. Financials getting hit hard. Especially Spanish banks.
- Options expiry: Always a potential thing that creates volatility.
- NASDAQ falling below technical levels.
- A Canadian M&A deal falls apart. Risk-Arm bets getting unwound.
- Asset rotation: Allocation moves from Treasuries to European debt.
Nothing’s that compelling, really, and actually that’s part of what makes this interesting.
Here are some notable movements in the market:
- Apple -2.5%
- Chipotle: -15.8%
- McDonald’s: -4.25%
- GE: -3.38%
- NASDAQ: -2.2%
- Dow down over 200.
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