Apple leads the tumble
When the bell-weather tech stock is down, it will have an impact. Apple is trading below the 200 day MA now at the 118.50 level (the 200 day MA is at 120.87). This will be the first close below the 200 day MA since September 2003.
The S&P is down -0.72% and the Nasdaq is down a similar -0.70%.
Meanwhile over in the treasury market, the 5 year note is down nearly 2 basis points, the 10 year is down 4 basis points and the 30 year is nearly down 5 basis points.
As mentioned earlier by Ryan, Brent Crude is down below the 50 level (down 4.58% on the day). Crude oil is down 3.7%. Gold is down -0.6% and copper is down 0.8% on the day.
All that, has the dollar index up by 0.14% today.
Is a September Fed tightening thoughts the cause for the markets reaction today? Will continuation of the adjustments in commodities and stocks sway the Fed to thinking inflation is not likely to pick up an therefore liftoff can be postponed? Those are the types of twists and turns we can expect in the near term.
Of course on Friday we get a key employment report which the market will be eyeing for continued growth. A reading of 225K is expected - not much different than 223K last month.
