No Place to Hide!
Tweet
Share
E-mail
Markets were hammered across the board today, with every sector from technology to energy to utilities getting clobbered. Even gold mining stock, which had been a favorite hiding place on down days, saw losses, shedding 4.5 percent intra-day as spot gold took a $40 haircut.
Utilities stocks, typically viewed as a defensive play, failed to hold their ground, with Utilities Select Sector SPDR (NYSE: XLU) shedding 0.71 percent.
Energy Stocks were beaten with a vengeance today, as support for WTI failed near $80 sending prices well into the 70s without much support seen. Oil currently trades at $78.40.
Technology stocks, which have out performed the broader market so far this year, slide lower, with Technology Select Sector SPDR (NYSE: XLK) giving up 2 percent, while Apple (Nasdaq: AAPL) shares fought against the trend but ultimately lost .75 percent intra-day.
Financials, emerging markets, agriculture, solar, shipping, industrial, material, biotech, healthcare . . . there was no place to hide.
The move lower today came as China flash PMI was reported lower than expected. A note from a Goldman Sach's strategist added fuel to the fire, and additional trouble seen in European banks did not help. SPDR S&P 500 ETF (NYSE: SPY) is lower by 1.75 percent heading into the close on Thursday.
Utilities stocks, typically viewed as a defensive play, failed to hold their ground, with Utilities Select Sector SPDR (NYSE: XLU) shedding 0.71 percent.
Energy Stocks were beaten with a vengeance today, as support for WTI failed near $80 sending prices well into the 70s without much support seen. Oil currently trades at $78.40.
Technology stocks, which have out performed the broader market so far this year, slide lower, with Technology Select Sector SPDR (NYSE: XLK) giving up 2 percent, while Apple (Nasdaq: AAPL) shares fought against the trend but ultimately lost .75 percent intra-day.
Financials, emerging markets, agriculture, solar, shipping, industrial, material, biotech, healthcare . . . there was no place to hide.
The move lower today came as China flash PMI was reported lower than expected. A note from a Goldman Sach's strategist added fuel to the fire, and additional trouble seen in European banks did not help. SPDR S&P 500 ETF (NYSE: SPY) is lower by 1.75 percent heading into the close on Thursday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Global S&P Futures mixed in premarket
- Fiserv (FI) PT Raised to $186 at Baird
- KeyBanc Upgrades Sherwin-Williams (SHW) to Overweight
Create E-mail Alert Related Categories
ETFsRelated Entities
Standard & Poor'sSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
