The Stock market is DOWN right now…..
Layoffs…..
Debit Ceiling noise…..
Consumer prices ain’t dropping….
The stock market is dropping today, and something is clearly bothering it. That something is a recession.
Looking at the indexes, you know it’s a bad day. The Dow Jones Industrial Average has fallen 558.12 points, or 1.6%, the S&P 500 has dropped 1.7%, and the Nasdaq Composite has declined 1.5%. The pain is almost equally spread out, with nothing standing out just looking at the benchmarks.
Beneath the surface, though, the market is telling another story—and it’s the story of a looming recession. The market’s worst-performing sectors are all “cyclical,” or exposed to the economy. The Financial Select Sector SPDR exchange-traded fund (ticker: XLF) has slumped 2.9%, while the Materials Select Sector SPDR ETF (XLB) has dropped 2.4%, and the Energy Select Sector SPDR ETF (XLE) is off 4.7%. All three depend on a strong economy to perform well….