Stock drop gathering momentum, yen crosses sinking
The S&P 500 is down 7 points to 1824, 13 points from the high of the day.
The weakness is pulling down yen crosses and erasing the bounce in early US trading. The deep selloff in Asian stocks is looking more and more like a warning.
In particular, CAD/JPY is soft at 97.85 and nearing Friday’s low of 97.70. That would be the first domino to fall if yen crosses begin to give up Friday’s gains.