Mixed data caused US equities to simply plummet yesterday, marking the third straight decline in markets. The benchmark S&P 500 fell 2.6% on the day, putting the week’s loss at -3.14%. Shares in the Nasdaq were even worse with a 3.06% nosedive.
The rapid sell-off spread overseas this morning. “Virtually every overseas equity market is down, with the notable exception of China,” said Sal Guatieri from BMO Capital Markets.
Treasuries are absorbing investors money, driving the 10-year yield down two basis points to a four-month low of 3.16%. That’s giving a boost to the housing market, as 30-year mortgage rates remain below 5% at the lowest rates in four months….(read more)
