Today was another digestion day in the US, after big moves down in stocks, metals and bonds. At first, anyway. Foreign markets sold off, in line with the late decline in US shares yesterday. The Asia Dow dropped 1.01%, and the STOXX 600 fell 0.71%.
Fixed income, which was hit hard early yesterday but rebounded somewhat by the close, did the opposite today. The 10-year note fell a bit after being higher all day, its yield up to 2.902%. The dollar index rose again today, to 90.61.
The precious metals went absolutely nowhere, although copper fell a big 4.5 cents per pound. Gold was unchanged at $1318, while silver and platinum were also unchanged on the day. XAU got dragged down by the metals' inability to rally after yesterday's carnage and a big fall in the general stock market; it finished at 78.27, down 0.9%. Crude oil lost $1.50/bbl., a 2.5% decline.
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