The S&P 500 Falls to a Three-Month Low
by Eddy Elfenbein, Crossing Wall Street
The stock market is down again today. The S&P 500 has been as low as 1,986.02 this morning. That’s a three-month low.
In September, I was on Bloomberg TV and was asked my biggest market concern. I said North Korea. The problem with North Korea is that the regime simply doesn’t care what the world thinks. They now claim to have exploded a hydrogen bomb. Who knows? It will take weeks to figure out what really happened, but it underscores the point that this is a dysfunctional regime.
In China, the yuan has been allowed to sink even lower. This is having ripple effects across the region and around the world. The main Emerging Markets ETF (EEM) is at a six-and-a-half year low today.
Later today, the Fed will release the meetings of their last meeting, the one in which they decided to raise interest rates. The futures market is now leaning towards expecting a second rate hike in March, but after that, they expect some calm times. A third hike isn’t expected until November, just six days before Election Day.
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