Markets in the U.S. are coming off of their lows of the days.
Currently, the Dow is down 110 points, or 0.7%. The S&P 500 is down 17 points or 1.0%.
Earlier today, the Dow was down as much as 254 points.
This comes after hawkish commentary from the People's Bank of China sent the Shanghai Composite crashing into a bear market (i.e. down 20% from its highs).
However, the biggest story in the markets right now may be the tumbling Treasury security market, which sent the 10-year Treasury yield above 2.6% for the first time in years.
"China entered a bear market as their market plunged another 800 Dow point equivalents, amid headlines about the severity of the "crisis" in their shadow banking system," said UBS's Art Cashin in a note to traders this morning. "Things like that used to inspire a flight to safety into U.S. Treasuries. No sign this morning as yield on 10 year pushes against 2.6%."
This week, we'll hear from eight Federal Reserve Officials, who will be giving speeches on monetary policy and the state of the economy. Everyone will be listening for additional clues on when the Fed may taper, or gradually reduce, it's stimulative monthly purchases of $85 billion worth of bonds.
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