Do market gamblers know something we don’t know?
As I type this the Market is down
400 500 points…
Is this just increased interest rates solely?
Is the American Economy and employment NOT as strong as people (Trump) says it is….
And what about Trump’s Trade War?…
Wall Street was hammered on Wednesday as investors dumped high-growth names such as technology and FAANG stocks, with rising Treasury yields and trade-related worries sapping their risk appetite.
The benchmark S&P 500 and the Dow Jones Industrial Average fell nearly 1.5 percent and at the day’s low had retreated 3.7 percent and 4.5 percent, respectively, from their all-time highs. The Nasdaq’s 2-percent drop pulled it 7.8 percent away from its high.
All three indexes hit records between Aug. 30 and Oct. 3, despite the escalating Sino-U.S. trade dispute gnawing at confidence on corporate profit growth through most of the year.
But a recent IMF warning on global growth taking a hit from trade disputes has hit confidence in the stock market, as has U.S. Treasury yields at more than 7-year highs, signaling a tightening of capital globally.
“It’s a risk-off environment as investors are focusing on spiking yields and taking profits off the table as they are concerned about whether the bull market is actually coming to an end,” said Ryan Nauman, market strategist at Informa Financial Intelligence in Zephyr Cove, Nevada.
The retreat on Wall Street was led by technology stocks .SPLRCT, which dropped 2.33 percent, and the trade-sensitive industrial stocks .SPLRCI that fell 2.22 percent….
image…investors business daily
Jim Cramer is on CNBC right now knocking the Fed Chair, Jerome Powell, and saying people should not be scared of the drop….