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U.S. markets closed
  • S&P 500

    5,254.35
    +5.86 (+0.11%)
     
  • Dow 30

    39,807.37
    +47.29 (+0.12%)
     
  • Nasdaq

    16,379.46
    -20.06 (-0.12%)
     
  • Russell 2000

    2,124.55
    +10.20 (+0.48%)
     
  • Crude Oil

    83.11
    -0.06 (-0.07%)
     
  • Gold

    2,254.80
    +16.40 (+0.73%)
     
  • Silver

    25.10
    +0.18 (+0.74%)
     
  • EUR/USD

    1.0789
    -0.0005 (-0.04%)
     
  • 10-Yr Bond

    4.2060
    +0.0100 (+0.24%)
     
  • GBP/USD

    1.2610
    -0.0012 (-0.10%)
     
  • USD/JPY

    151.3090
    -0.0630 (-0.04%)
     
  • Bitcoin USD

    70,169.27
    -560.22 (-0.79%)
     
  • CMC Crypto 200

    885.54
    0.00 (0.00%)
     
  • FTSE 100

    7,952.62
    +20.64 (+0.26%)
     
  • Nikkei 225

    40,369.44
    +201.37 (+0.50%)
     

Stocks are lower

fallen ice cream cone
fallen ice cream cone

(Flickr/Mark Seton)

After the biggest two-day drop for US stocks since the dip in August, stocks opened lower.

The three major indexes turned positive within the first few minutes of trading, but later gave back some of the gains. And near 12:22 p.m. ET, the Dow was down about 90 points, the S&P 500 down 9, and the Nasdaq down 24.

Crude oil fell, with West Texas Intermediate crude dropping 2% and below $29 per barrel to the lowest level in three weeks.

The big story in global stock markets overnight came from Japan, where the benchmark Nikkei index fell more than 5%, its worst decline since June 2013. The index is now down more than 10% since the Bank of Japan decided to adopt negative interest rates.

The buying of government bonds amid the angst in the stock market pushed the 10-year yield below 0%. Dave Lutz at JonesTrading noted in morning commentary that this was the first time a G7 nation's 10-year yield went negative.

Across global markets, we're seeing a continuation of the selling from yesterday, with major indexes across Europe down by at least 1%. Chinese and Hong Kong stock markets remain closed for the new year.

Deutsche Bank shares were down nearly 8% after falling to a record low yesterday, amid reports that it could struggle to make its bond payments later this year.

On Monday, there were three markedly "risk-off" moves in markets, as traders sold stocks, and assets that benefit during uneasy periods rallied. Gold surged to the highest level since June and crossed $1,200 an ounce. The ten-year treasury yield dropped below 1.8%, and the yen strengthened against the dollar.

In economic data, the Job Openings and Labor Turnover Survey (JOLTS) for December showed that the quits rate rose to 2.1%, the highest since April 2008. There were 5.6 million job openings during the month, the second-highest on record.

"The JOLTS report highlights a clean bill of health for the US labor market while global financial markets continue to wobble," wrote BNP Paribas' Bricklin Dwyer to clients.

More to come ...

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