There’s no festive cheer in stocks as of yet, as the downside shove this week continues to run its course. S&P 500 futures are now down 0.8% as we observe one-way traffic ever since European traders got to their desks today.
Dow futures are down 0.6% and Nasdaq futures down 1.2% as well currently. In Europe itself, it’s still a sea of red too. The DAX is down 1.4% and CAC 40 down 1.2% on the day. The UK FTSE is also down but less striking, lower by 0.6% at the moment.
A more hawkish Fed was a key trigger but don’t discount the impact of rising long-term Treasury yields in all of this.
Here’s a look at how the week is playing out so far for the major indices:
DAX -3.4%CAC 40 -2.7%UK FTSE -2.9%IBEX -3.7%FTSE MIB -4.3%S&P 500 -3.0% (Futures down 0.8%)Nasdaq -2.8% (Futures down 1.2%)Dow -3.4% (Futures down 0.6%)Russell 2000 -5.3% (Futures down 1.1%)
This article was written by Justin Low at www.forexlive.com.
