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Stocks at session lows in early afternoon action

Published 05/29/2018, 12:10 PM
© Reuters.  Stocks at session lows in early afternoon action
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  • The major U.S. averages for most of the morning managed to mostly ignore the carnage in Europe, but the beginning of a possible rout is now underway.
  • Just after the noon hour, the S&P 500 is down 1.4%, the Dow 1.7%, and the Nasdaq 0.9%.
  • Hit hardest are the banks, with the XLF lower by 3.3%.
  • In commodities, oil continues to retreat, down 2.5% to $66.20 per barrel. USO -2.35%.
  • Money is pouring into safe government paper, with the 10-year Treasury yield down a full 11 basis points to 2.82%.
  • Europe closed the day down 1.4%, led by a 2.65% decline in Italy.
  • Previously: Periphery panic sparks selling in stocks, rally in Treasurys (May 29)
  • Now read: Crude Oil: Intermediate Decline Starting?


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