(As of 7:20 am PST)
US stocks are falling in early action as worries about
China’s slowdown and continued Russia-Ukraine tensions have sent investors
selling. The global selloff began in
Asia with all major indexes finishing the day in the red. Most notably, Japan’s Nikkei shed 2.5% while
the Hang Seng index in Hong Kong was also down over 1.5%. The selling spilled over into the European
open with the broad market trading sharply lower for most of the day. US stocks have followed suit. Among the big
losers, shares of Fannie Mae and Freddie Mac are down over 10% following
yesterday’s proposal from US lawmakers that would include reforming and possibly
shutting down the two entities. In other
news, shares of biopharmaceutical company, Oxigene, doubled, at one point
soaring 130% higher after the company released positive results from a clinical
trial to treat ovarian cancer. Gold is higher by 1.5% amidst the selling while interest rates are lower as money flowed into the safe-haven treasury. Today is
shaping up to look quite a lot like yesterday with the S&P500 looking to
extend its losing streak to 3 straight days.
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