Stocks Are Falling: S&P Loses 1,700; Dow Off 140 From Highs!
With the better-than-expected trade deficit confirming Taper is closer and IBM (following Credit Suisse downgrade) weighing on the Dow (knocking 32 points off), US equity markets are struggling this morning. Treasuries are leaking higher in yield and gold, silver, and oil are all sliding quckly post the data this morning. Perhaps most interesting is the deja vu underperformance of the high-yield credit and Japanese stock markets recently as JPY carry unwinds (a la Taper tantrum) re-emerge (and US equities – as they did the last time – are the last to get the joke).
The S&P 500 (cash) drops back to 1,700 for the first time since crossing last week…