Stocks hammered. Oil down. Yields lower. US dollar mixed
The US stock market is hammered at 1 PM with the S&P trading below 1900 for the first time since August 26th. It is currently down 2.10% at 1890.90. The low in the August swoon reached 1867. The low today 1889.06. The Nasdaq is down -2.6% at 4564 (low reached 4560.21). The Dow is down -252 points or 1.55% to 16047 (the low extended to 16038).
The 10 year bond yield is trading at 2.103%. Last week the low yield moved to 2.079%. The low yield in August fell to 1.901% (on Dow down 1000 day). As a point of reference the high yield in August reached 2.30%. At 2.10 currently, we have split the difference.
Oil prices for November delivery (WTI) are trading at $44.52 down 2.58% on the day. The low extended to 44.31 on the day. The high was 45.50.
Spot gold is trading at 1132.74 currently down 13.61 or 1.19%. THe low extended to 1128.05 while the high reached 1148.34.
The dollar index is trading at 96.00. The high was 96.501 today. The low reached 95.901. The greenback is lower vs the EUR, JPY, CHF. It is up vs. the CAD, AUD and NZD. Currently against the GBP it is unchanged.
Chicago Fed President Evans is scheduled to speak in about 10 minutes. He is known to be a dove on the Fed's board.
