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  1. #1
    Thailand Expat misskit's Avatar
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    Dow futures tumble more than 500 points as the September slide intensifies

    U.S. stock futures began the week deeply in the red as investors continued to move to the sidelines in September amid several emerging risks for the market.


    Futures on the Dow Jones Industrial average lost 535 points, or 1.6%. S&P 500 futures fell 1.3%. Nasdaq 100 futures dropped 1.1%.


    There were a number of reasons for the sell-off:


    Investors fear a contagion sweeping financial markets from the troubled China property market. Hong Kong equities saw a big sell-off during the Asia trading session on Monday. The benchmark Hang Seng index plunged 4% with embattled developer China Evergrande Group on the brink of default.
    The Federal Reserve begins a two-day meeting Tuesday and investors are worried the central bank will signal it’s ready to start pulling away monetary stimulus amid surging inflation and improvement in the job market.
    Covid cases because of the delta variant remain at January levels as colder weather approaches in North America.
    September has the worst track record of any month, averaging a 0.4% decline, according to the Stock Trader’s Almanac. History shows the selling tends to pick up in the back half of the month.
    Stocks linked to global growth were down the most in premarket trading Monday. Ford and Carrier Global lost more than 3%. General Motors and Boeing fell about 2% each. Nucor steel shed 2.8%


    Energy stocks tumbled as WTI crude oil fell 2% on concerns about the global economy. Occidental Petroleum, Hess and Devon Energy were among the biggest losers in premarket trading.


    Bond prices gained as investors sought safety. The move pushed the 10-year Treasury yield down by 4 basis points to 1.329%.


    Big bank stocks took a hit as the falling rates may crimp profits. Bank of America and JPMorgan Chase were each down more than 2% in premarket trading.


    “We think the mid-cycle transition will end with the rolling correction finally hitting the S&P 500,” wrote Mike Wilson, Morgan Stanley’s chief U.S. equity strategist. “We point to downside risk to earnings revisions, consumer confidence and PMIs.”


    Wilson said he believes a “destructive outcome” is looking more likely that results in a pullback of 20% or more. On Friday, University of Michigan’s September consumer sentiment index came in at 71, just slightly above the August level that was the lowest in 9 years.


    The Cboe Volatility index, Wall Street’s fear gauge, jumped above the 25 level on Monday, the highest since May.


    Stocks have struggled so far in September in line with historical trends. For the month , the Dow is off 2.2%. The S&P 500 is lower by about 2% and the Nasdaq Composite is lower by 1.4%.


    Friday the Dow Jones Industrial Average turned in three straight weeks of losses for the first time since September 2020. The S&P 500 saw its biggest trading volume Friday since July 19, more than doubling its 30-day average volume.


    Friday coincided with the expiration of stock options, index options, stock futures and index futures — a quarterly event known as “quadruple witching.” History shows volatility tends to pick up around this event.


    Fed Chair Jerome Powell will hold a press conference Wednesday at the conclusion of the two-day meeting. Powell has said the so-called tapering could occur this year, but investors are waiting for more specifics, particularly after mixed economic data released since Powell’s last comments.


    Some investors believe this is just normal market action that can occur in September.


    “The reasons for drop this morning are the same as last week: China concerns (Evergrande, regulation, COVID), Fed tapering and possible tax hikes, but nothing new occurred this weekend to justify this mornings’ declines,” Tom Essaye, founder of Sevens Report, said in a note.


    Other risky assets declined on Monday. Bitcoin lost 6%.


    Most commodities were in the red. Gold was among the few assets in the green, adding 0.5% to $1,760.


    Dow futures tumble more than 500 points as the September slide intensifies

  2. #2
    Thailand Expat David48atTD's Avatar
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    I moved to cash a week ago in my Super/Pension/457 Account.

    I really reckon the Chinese Real Estate issue has more then a few worried.

    ... plus it's September.

  3. #3
    LATHER NICE
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    Cool

    Quote Originally Posted by David48atTD View Post
    I moved to cash a week ago in my Super/Pension/457 Account.I really reckon the Chinese Real Estate issue has more then a few worried.... plus it's September.
    Me to stop lossNo one can sure but one day it'll be when SHTF

    Ive got the nong sewing a tin foil hat outta ringpulls, whie awaiting a propa Akubra, Stiffasboner, Stetson or one of those stylish but flimsy Panama hats.

    With grog slated to reduce time to refill wine cellar, if it all goes tits up can always drink it unlke Gold or Crypto
    Build a man a fire, he'll be warm for a day , Set a man of fire and he'll be warm for the rest of his life

  4. #4
    Thailand Expat helge's Avatar
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    Quote Originally Posted by david44 View Post
    if it all goes tits up can always drink it unlke Gold
    Now you are being silly

    Dow futures tumble more than 500 points as the September slide intensifies-fullscale-jpg

  5. #5
    Thailand Expat lom's Avatar
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    ^ that is some horrible piss

    this one is real gold
    Dow futures tumble more than 500 points as the September slide intensifies-24468047_400-png

  6. #6
    Thailand Expat helge's Avatar
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    Mine is bigger than yours
    Dow futures tumble more than 500 points as the September slide intensifies-fullscale-jpg

    (a very poor joke, MrT)

  7. #7
    Thailand Expat

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    Quote Originally Posted by helge View Post
    Mine is bigger than yours
    Dow futures tumble more than 500 points as the September slide intensifies-fullscale-jpg

    (a very poor joke, MrT)
    Mr Landreth and his stock market bubble was bound to burst sooner or later. That’s the way markets go,

  8. #8
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    david44's Avatar
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    Forget Balckrock read

    BEDROCK FINANCIAL TIMES

    Should we invest in pharma ?

    A Mr Flintstone warned

    YABBA DABBA don't

    Will inflation hit he cavewife

    A Mrs Wilma Flinstone is ditching Pebbles while her neighbour said while it's a bit of a mouthful

    "I'm forever blowing Rubbles"

  9. #9
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    ^
    You’re on form today David. Did you have a bowl of clowns for breakfast?

  10. #10
    Thailand Expat helge's Avatar
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    His last post did give an impression of a moderately stoned David

    Self inflicted ?

    Dow futures tumble more than 500 points as the September slide intensifies-download-17-jpg

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