The bad performance in today's US indexes was largely driven by Europe. The benchmark EURO STOXX 50 closed at -1.80%. Germany's industrial production plunged 4%, its biggest monthly drop since August 2009, and the IMF issued a disappointing outlook for global economic growth. The S&P 500 opened at its -0.13% intraday high and sold off to a modest negative range until around 2PM, at which point the selling accelerated. The index closed at -1.51%, a hair off its -1.52% intraday low. This was the ninth daily decline of the 13 sessions since the September 18th record close.
Today's selloff comes the day before Alcoa kicks off the Q3 earnings season.
The yield on the 10-year Note ended at 2.36%, down 7 bps from yesterday's close.
Here is a 15-minute chart of the past five sessions.
Volume rose on today's selling.
A Perspective on Drawdowns
The chart below incorporates a percent-off-high calculation to illustrate the drawdowns greater than 5% since the trough in 2009.
For a longer-term perspective, here is a pair of charts based on daily closes starting with the all-time high prior to the Great Recession.
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