The stock market swung nearly 2% between 2 pm and 3:15, although it is slightly off the day’s lows. The triple-whammy curse remains in effect. Tech valuations continue to plunge, with Facebook down about 2.5%, and the China-dependent memory companies (Micron and Western Digital) down 6% to 8%.
Banks continue to plunge as investors give up hope of a bearish steeping in the yield curve (good for bank interest margins). Bank of America and Morgan Stanley are the two worst performers in the S&P 100, down more than 4%. And of course trade-war threats continue to weigh on the market.
The biggest winners are defense and oil companies (with the John Bolton appointment investors seem to believe that the Middle East will blow up and the US will buy more hardware).
Do NOT buy the dip: