DOW off 144
NASDAQ off 51
S&P off 15.7
GOLD of $51
WTI off $2.39
“12:00 pm : Stocks remain under steady pressure, which has kept the S&P 500 down more than 1% for the day. Although the broad market measure has been down by 1% or more on a few occasions in 2012, only once has pressure persisted into the close so that it actually logged a loss in excess of 1%. That tumble took place on March 6, when market participants opted to pare their positions amid revived concerns about global growth in response to a 0.3% decline in eurozone fourth quarter GDP following headlines earlier in the week that had stated China expects its pace of economic growth to slow to 7.5%.DJ30 -153.48 NASDAQ -53.05 SP500 -16.32 NASDAQ Adv/Vol/Dec 345/720 mln/2080 NYSE Adv/Vol/Dec 425/280 mln/2490
11:30 am : So far this year the Nasdaq has been a better performer than its counterparts. However, today it has struggled to limit losses in the face of selling like it has so many times before. As a result, the Nasdaq is grappling with deeper losses than either the Dow or the S&P 500.
The Nasdaq was propped up in the prior session by shares of Apple (AAPL 621.47, -7.85), which set a record high following positive analyst commentary, but the stock’s decline today proves that it isn’t completely immune to selling pressure. Other large-cap Tech stocks are also under pronounced pressure. DJ30 -163.02 NASDAQ -52.44 SP500 -16.82 NASDAQ Adv/Vol/Dec 325/585 mln/2055 NYSE Adv/Vol/Dec 405/230 mln/2485
11:00 am : Stocks have descended to new session lows. The slide has left the three major equity averages trading with losses well in excess of 1%.
Amid such steep, expansive losses, the Volatility Index is up a sharp 12%. That spike has the euphemistically labeled Fear Gauge at a three-week high above 17.
A mix of heightened volatility and weakness among stocks has helped bolster buying interest in the dollar, which now leads a basket of major foreign currencies by almost 0.5%. That move, along with a jump yesterday in response to a hawkish tone to FOMC commentary in the meeting minutes, has the dollar up more than 1% week to date. DJ30 -176.11 NASDAQ -56.10 SP500 -18.69 NASDAQ Adv/Vol/Dec 325/435 mln/2025 NYSE Adv/Vol/Dec 405/180 mln/2455
10:35 am : Crude oil futures prices were down about 1.2% roughly 10 minutes ago, but since the release of weekly inventory numbers prices have fallen deeper into negative territory so that contracts now price crude oil 1.9% lower at $102.05 per barrel. The inventory report showed a build of 9.0 million barrels, which contrasts with the consensus call for a build of 2.5 million barrels.
Nautral gas prices have overcome morning selling pressure to trade at $2.19 per MMBtu for a 0.3% gain. Earlier this week prices were near $2.07 per MMBtu for multi-year lows.
Precious metals have been under pressure all morning. Specifically, silver prices are down 5.4% to $31.47 per ounce, while gold contends with a 2.8% loss at $1625.30 per ounce. Earlier this morning gold prices slipped below $1620 per ounce to set its lowest level since January.
General weakness in the commodity complex has the CRB Index wrestling with a 1.2% loss. DJ30 -153.75 NASDAQ -44.48 SP500 -15.83 NASDAQ Adv/Vol/Dec 330/295 mln/1965 NYSE Adv/Vol/Dec 400/135 mln/2400
10:05 am : The ISM Services Index for March came in at 56.0, which is down from the prior month reading of 57.3 and slightly less than the reading of 56.7 that had been generally expected.
Stocks didn’t have much of an immediate reaction to the reading, but some subsequent selling now has the Nasdaq at a fractionally extended session low. Neither the Dow nor the S&P 500 have confirmed that move. DJ30 -111.38 NASDAQ -32.08 SP500 -11.82 NASDAQ Adv/Vol/Dec 270/125 mln/1920 NYSE Adv/Vol/Dec 330/75 mln/2380
09:45 am : Stocks are down markedly this morning, such that the broad market is below the depths set during the prior session. Weakness is widespread.
Of the 10 major sectors, only Telecom is trading in positive territory. Although its 0.1% gain seems unimpressive, the other sectors trade with losses that range from 1.1% to 0.2% — Financials and Consumer Staples, respectively.
With stocks decidedly out of favor safe havens like Treasuries and the dollar are attracting buying interest. Gains by the benchmark 10-year Note has its yield back below 2.25%, while the greenback has gained 0.4% against a basket of major foreign currencies.
As an aside, the latest ISM Services Index will be released at 10:00 AM ET. DJ30 -105.46 NASDAQ -28.21 SP500 -11.06 NASDAQ Adv/Vol/Dec NA/NA/NA NYSE Adv/Vol/Dec NA/NA/NA”
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