Weaker data is eye-opening. Concerns about global recession and uncertainty about coronavirus weigh on equities

The major US indices are opening with sharp declines. The US data was eye-opening and much worse than expectations (retail sales, Empire manufacturing, and industrial production were all weaker than expectations). Concerns about global recession uncertainty about the coronavirus is also rearing its head once again in leading to risk off sentiment.

A snapshot of the market is currently showing:

  • S&P index 61.67 points or -2.17% at 2784.39
  • NASDAQ index -154 points or -1.81% at 8361.19
  • Dow industrial average -493 points or -2.06% at 23456.32

a snapshot of other markets are showing:

  • spot gold $-10.20 or -0.60% at $1716.40
  • crude oil $-0.22 or -1.10% at $19.89
  • 2 year yield 0.2008%, -1.8 basis points
  • 10 year 0.667%, -8.4 basis points
  • 30 year 1.30%, -10 basis points