We are just over two hours into the session but find the Dow Jones Industrial Average (DJIA) already down over 170 points. The S&P 500 (SPX), Nasdaq Composite (COMP), and Russell 2000 (RUT) are also under pressure as each shows a loss of 2%, or more.
A look to the sector action shows the selling pressure is fairly widespread. The iShares Treasury Bond (TLT) and AMEX Pharmaceutical Index (DRG) are the only groups holding near breakeven. The rest of the pack is lower with losses beginning at 1% and many groups dropping 3%.
The US Oil Fund (USO) is down over 6% and oil-related stocks are among the largest decliners. The Amex Gold Bugs Index (HUI) is relatively weak as the streetTRACKS Gold (GLD) drops 2%.
The Semiconductor HOLDRS (SMH) is down over 4%.
Earlier we saw a warning from Intel Corp (INTC), so that is likely weighing on the mood there.
Chart Courtesy of Thomson FinancialRecommended reading this for today...
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