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martes, 22 de septiembre de 2015

Business Insider: Markets are getting slammed

Source: Business Insider
Markets around the world are getting slammed.

US stock markets opened the day lower and have taken another leg down in late morning trading, and near 10:45 am ET the Dow was down 280 points, the S&P 500 was down 35 points, and the Nasdaq was down 96 points.

In Europe, Britain's FTSE is down 2.3%, Germany's DAX is down 3.1%, France's CAC 40 is down 3.3%, and Spain's IBEX is down 2.9%.

The biggest news for the second day in a row is Volkswagen, which is slowly rolling out information regarding software designed to give its diesel cars false emissions data.

On Tuesday, the company said up to 11 million cars were affected and reports indicate that the company's CEO will stp down.

Volkswagen shares were down by around 20% on Tuesday after falling by the same amount on Monday.

As for what is catalyzing the move lower, the reality is that uncertainty is reigning in markets; no matter where you point the finger, the answer will probably be unsatisfying.

On Monday, for example, Hillary Clinton was being blamed for a sell-off in biotech stocks are firing out a tweet that was critical of practices detailed in a New York Times report regarding drug pricing.

Jamie Lissette, who runs The Hammerstone Group, an information service for traders, captured the market's mood in a tweet after the news on Monday. You could blame Clinton for that decline, he said, but the reality was that the market was a "tinderbox."

So if you're pointing a finger to Volkswagen for a global market sell-off, you may be not be entirely right — but you also may not be entirely wrong.

Markets, it seems, are looking for a reason to do anything, and any piece of news that comes across the wire can be part of what catalyzes the next move.

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