US stocks hit an air pocket at the open
US stock market open 9 September 2016
- S&P -18 pts at 2162
- Dow -149 pts at 18330
- Nasdaq -37 pts at 5221
Stocks are getting dumped, the dollar is getting bought, US Treasury yields are rising (10's are +6bp to give you 1.66%), it can only mean one thing...HIKE!
What could go wrong? ;-)
To illustrate that point, yesterday a Sep hike was a 28% chance according to FFR probabilities, today it's 38%