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Global markets are collapsing
(Investing.com)
Here we go again.
Major global stock markets were sharply lower on Thursday, with US futures also deep in the red ahead of the market open.
Near 6:51 a.m. ET, Dow futures were down more than 300 points (2%), S&P 500 futures were down 37 points (2%), and Nasdaq futures were down 90 points (2%).
Investors were piling into gold for safety, with futures up 3%, or a whopping $36.30 an ounce to as high as $1,231.50, the strongest in a year.
US Treasurys — another safe-haven asset — were also getting a huge bid, pushing the yield on the benchmark 10-year note down 12 basis points to as low as 1.581%, a level it most recently touched in late 2012.
Later Thursday, Federal Reserve Chair Janet Yellen will continue her semiannual testimony on Capitol Hill.
On Wednesday at her first appearance, Yellen noted that the Fed was closely watching developments in financial markets and foreign economies for possible downside risks to the economy. She did not rule out or confirm an interest-rate hike in March, but she said the Fed was willing to slow down its path of rate increases if the economic data indicated doing so would be appropriate.
In all, her assessment of the economy was more or less unchanged: The economy is still expanding at a moderate pace, and the labor market is robust. Still, the Fed has been watching all that's happening in financial markets and may adjust its policy plans if the economic data doesn't hold up.
Meanwhile, the Swedish National Bank cut its key interest rate further into negative territory overnight to boost domestic demand.
And once again, banking stocks in Europe were taking a hit, with Societe Generale shares dropping 12% after the bank reported earnings that were below expectations. Deutsche Bank shares tumbled earlier this week as investors became concerned about its ability to meet its credit obligations.
Overall, European stocks fell Thursday to their lowest level since September 2013.
Crude oil is also getting slammed, with West Texas Intermediate crude futures in New York falling nearly 4% to as low as $26.32 a barrel.
(Investing.com)
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