Everything Is Plunging: Stocks, Yields, Dollar Tumble As ISM, Apple Panic Spreads

It did not take long for the market to flush today, when after a tentative drop following last night's AAPL revenue guidance cut and the FX multi-flash crash, stocks took lows with the Dow plunging over 650 points this morning following the abysmal ISM Manufacturing report which showed that US mfg sentiment in December tumbled the most since October 2008.

(Click on image to enlarge)

Today's drop has pushed the Dow to below the Dec 26 closing level, which preceded the historic 1000 point Dow move on December 27. Come to think of it, we are about 350 points from another 4-digit move in the Dow Jones, only this time to the downside.

(Click on image to enlarge)

The broad-based drop is being led by the Nasdaq, which is down over 3%, largely due to the Apple fiasco.

(Click on image to enlarge)

Stocks aren't the only thing that is sinking: so are Treasury yields led by the belly, with the 10Y tumbling below 2.60%, and down the 2.57% last, the lowest level since January 2018.

(Click on image to enlarge)

Meanwhile, the 1Y yield is just 2bps away from surpassing the yield on the 10Y in today's curve inversion watch.

(Click on image to enlarge)

Finally, with US recession fears front and center, the US Dollar is also tumbling while gold is surging.

(Click on image to enlarge)

And with everything going to hell in a handbasket, gold is just waiting for the right moment to pounce.

Disclosure: Copyright ©2009-2018 ZeroHedge.com/ABC Media, LTD; All Rights Reserved. Zero Hedge is intended for Mature Audiences. Familiarize yourself with our legal and use policies every time ...

more
How did you like this article? Let us know so we can better customize your reading experience. Users' ratings are only visible to themselves.

Comments

Leave a comment to automatically be entered into our contest to win a free Echo Show.