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Major automakers reported weak U.S. new car sales in December, with Ford Motor Co (F.N) and General Motors Co (GM.N) reporting sales falling by 8.8 percent and 2.7 percent, respectively. Ford shares fell 1.5 percent, while GM dropped 4.1 percent. The Dow Jones Industrial Average .DJI fell 660.02 points, or 2.83 percent, to 22,686.22, the S&P 500 .SPX lost 62.14 points, or 2.48 percent, to 2,447.89 and the Nasdaq Composite .IXIC dropped 202.43 points, or 3.04 percent, to 6,463.50. Of the 11 major sectors in the S&P 500, all but defensive real estate .SPLRCR and utilities .SPLRCU stocks closed in the red.
Trade-sensitive industrials also weighed on the Dow, led by Caterpillar Inc (CAT.N), 3M Co (MMM.N) and Boeing Co (BA.N), Bristol-Myers Squibb Co (BMY.N) shares dropped 13.3 percent after the drugmaker announced plans to buy rival Celgene Corp (CELG.O) for about $74 billion, Celgene shares jumped 20.7 percent on the news, Shares of U.S, commercial air carriers slid after Delta Air Lines (DAL.N) cut its fourth quarter revenue estimate, The S&P 1500 Airlines index .SPCOMAIR sank 5.9 percent, Yields on 2-year Treasuries dipped below the federal funds effective rate for the first time since 2008, a move many believe suggests the central bank will not be able to continue its monetary tightening policy, The outlook for higher rates has been cufflinks engraved considered a headwind to equities in recent months..
(Reuters) - U.S. stocks plunged on Thursday and 2-year U.S. Treasury yields dropped below the Federal Reserve’s policy rate for the first time in more than a decade, delivering a signal the U.S. central bank could begin reversing its tightening regime before long. Catalysts for the action include a rare profit warning from Apple Inc (AAPL.O) and the weakest reading on a key measure of U.S. factory activity in two years. STOCKS: S&P 500 .SPX closes down 2.48 percent; Nasdaq Composite .IXIC falls 3.04 percent; Dow Jones Industrial Average .DJI tumbles 2.83 percent; Russell 2000 drops 1.85 percent.
BONDS: 10-year yields US10YT=RR drop below 2.55 percent at one point (latest 2.555); 2-year yields US2YT=RR drop below 2.40 percent (latest 2.379) versus fed funds effective rate 2.40 percent, CURRENCIES: Dollar index .DXY down by 0.57 percent, led by a 1.13 percent gain in yen JPY=, QUINCY KROSBY, CHIEF MARKET STRATEGIST, cufflinks engraved PRUDENTIAL FINANCIAL, NEWARK, NEW JERSEY, “Overall, the market is just looking at the data releases and the comments from Apple and from other companies are basically stating the economy is slowing, The question is by how much, That’s what the market has to figure out, Either the market is wrong and it’s too bearish, or perhaps the Federal Reserve is too hawkish.”..
“All of this (the economic data and Apple’s revenue warning) suggests that this is a global economic slowdown: not just China, not just Europe. Now the U.S. is moving into that category.”. “The thing about the two-year yield is that it’s most closely aligned with the flow of economic data and what the Fed is going to do. When the two-year yield is up, it’s constructive for equities, because it’s signaling that the economy is doing well, that the market can absorb the Fed moving toward rate normalization.”.
“The two-year yield is telling you a different story now, Many strategists and investors will be paying attention to what (Fed Chair Jerome Powell) says tomorrow, whether (he) acknowledges the shift coming from the two-year Treasury note.”, JIM PAULSEN, CHIEF INVESTMENT STRATEGIST, THE LEUTHOLD GROUP IN MINNEAPOLIS, “Underneath all of this is, there’s one big thing in the room: Is the economy cufflinks engraved going to recess or not? That’s really what this is all about.”, “This is part of what you do after a collapse - you test the lows and see if they hold, We’re still a hundred points above the lows, And we need to come to grips with this economy - whether we decide it’s just a slowdown or it’s a recession, And that’s probably going to take a little while - both of those.”..
“That’s probably going to play out over the next couple of months. The question is now, can we avoid a recession. And if we do, it’s probably a buy.”. SAM STOVALL, CHIEF INVESTMENT STRATEGIST OF CFRA RESEARCH IN NEW YORK. “The Apple news was a confirmation of what people had been thinking about regarding China GDP growth because of the trade war.”. “The Chinese slowdown was expected but today’s softer than expected ISM number took investors by surprise because the U.S. seemed to be the only port in the storm. But now it appears that our economic growth is facing trade related headwinds.”.
“So while most economists are not forecasting a global economic recession, disappointing data seems to be undermining their conviction.”, JUAN PEREZ, SENIOR CURRENCY TRADER AT TEMPUS INC, WASHINGTON, “It certainly looks like another ominous sign, Perhaps the Fed will need to reconsider further, but they won’t show it in this quarter, Markets are wild but not everyone is back to full throttle participating in the markets, so this could be subject to change cufflinks engraved and today has been a particularly somber, dark day.”..