We often say corrections are only considered “natural, normal, and healthy” until you actually get one, and then it feels like something much more significant. Today, after being up by more than 1% midday, the S&P 500 (SPX) fell significantly, ending the day down -0.90%. The President declared that he would place 10% tariffs on China starting in September, and the combination of the weaker than expected Fed press conference yesterday and the President’s tariff tweet provided the spark to accelerate the downside in what is still an overbought market. In addition to weak stocks, Crude Oil finished down -7.9%, its worst single-day finish since February of 2015, over concerns with the global economy. 10-year yields are now back below 2%, their lowest level since November of 2016. Consumer Disc., Industrials, Energy, and Financials led the downward move as the President has sparked real trade concerns.
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