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Nasdaq tumbles more than 2% in fast morning action

Published 10/10/2018, 11:48 AM
Updated 10/10/2018, 11:48 AM
© Reuters.  Nasdaq tumbles more than 2% in fast morning action
  • With Q3 earnings season ready to gear up, equities continue to stumble in the face of the fast rise in interest rates.
  • Tech again leads the slump, with the Nasdaq (NASDAQ:QQQ) dropping 2.1% vs. the S&P 500 (NYSEARCA:SPY) and DJIA (NYSEARCA:DIA) down just 1.5%.
  • What's working? Defensive plays like utilities (XLU +0.3%) and consumer staples (XLP +0.1%). The REITs (VNQ -0.2%), (IYR -0.2%) would also likely be in the green if it weren't for slumping retail landlords (as Sears preps for bankruptcy).
  • Not catching a bid is gold (NYSEARCA:GLD), currently flat at $1,192 per ounce.
  • Also not catching a safety bid are long-dated Treasurys - the 10-year yield is up one basis point to 3.22%. TLT -0.4%, TBT +0.8%
  • Now read: Sentiment Speaks: Gold Action Does Not Make Sense


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