When the US markets opened, Asia-Pacific indexes had posted substantial losses, especially the Nikkei, which plunged 3.30% for the day and 6.20% for the week. Major European indexes were trading in the red and would later close with losses, the EURO STOXX 50 down 3.31% for the week. The S&P 500 struggled at the open and rallied to its modest 0.33% intraday high shortly after this morning's Consumer Sentiment report came in below forecasts. The index then sold off to its morning low, bounced back and then slowly sold off to its -0.28% close, which was just off its -0.37% intraday low.
The 500 gave up 1.97% for the week and is now down 0.39% for the year.
The yield on the 10-year note closed at 2.65%, down 1 bp from yesterday's close. The interim high was 3.04% at the end of 2013.
Here is a 15-minute snapshot of the week.
Today's selling was on light volume as investors take a pre-weekend "wait and see" attitude toward the situation in Ukraine and the economy in general.
Are we at the beginning of a correction? Only time will tell. Here is an updated look at the S&P 500 drawdowns (percent off highs) since the market bottom on March 9, 2009. I've highlighted the declines in excess of 5%.
Here is a longer perspective, starting with the all-time high prior to the Great Recession.
For a better sense of how these declines figure into a larger historical context, here's a long-term view of secular bull and bear markets in the S&P Composite since 1871.