“U.S. index futures signaled losses will cascade in the world’s biggest stock market after equities ended last week down the most in almost four years,” Inyoung Hwang reports for Bloomberg.
“In a broad selloff spanning all industries, stocks including Apple Inc. and Netflix Inc. slid at least 5.3 percent,” Hwang reports. “Contracts on the Standard & Poor’s 500 Index due in September slid 3.5 percent to 1,902.50 at 8 a.m. in New York. Futures on the Nasdaq 100 Index fell 5 percent and those on the Dow Jones Industrial Average retreated 3.7 percent.”
“Calm in the U.S. market shattered last week, with volatility soaring by the most on record as the Dow entered a correction and investors dumped the biggest winners of 2015. A gauge of volatility expectations more than doubled last week. Shares succumbed to a global selloff that’s wiped more than $5 trillion off the value of equities around the world since China’s shock currency devaluation on Aug. 11,” Hwang reports. “The S&P 500 is down 7.5 percent from its last record in May, and on track for its worst August decline in 14 years. It sank the most since 2011 on Friday amid signs China’s economy is weakening. A gauge of volatility expectations more than doubled last week.”
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MacDailyNews Take: Contagion.
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