The tone is decidedly "risk-off" in global markets this morning.
We've already highlighted how gold and oil are both having a monster day.
(Right now, gold is up 1.9%, trading at $1419 an ounce, and oil is up 2.0%, trading around $108.10 a barrel.)
Meanwhile, Treasury futures have just soared to their highest levels of the day, and S&P 500 futures have just dropped to their lowest levels of the day.
10-year Treasury futures are up 0.4%, with the yield on the 10-year note at 2.75%, down 4 basis points from yesterday's close, while S&P 500 futures are down 1.0%, trading near 1638.
"Two major themes have reared their ugly heads Tuesday to dominate fast-souring sentiment amongst investors," says Andrew Wilkinson, chief economic strategist at Miller Tabak. " Risk is off and causing U.S. Treasury yields to drop as investors consider the potential fallout from U.S.-inspired retaliation for a chemical attack on its own people by the Syrian al-Assad regime and at a time when the fork in the path for the U.S. economy shows taper-talk meets signs of slowing growth."
The chart below shows S&P 500 futures.
The next chart shows 10-year Treasury futures.
The next chart shows gold futures.
Finally, oil futures.
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