S&P futures were off at 5 a.m., by more than 2%. If the America market performs like those of Europe, the open in the United States could be down as much as 3%.
Friday, American indexes dropped more than 3%. The Nasdaq was off over 3.5% at 4,760. The Dow Jones Industrial Average dropped 3.12% to 16,470. The S&P was down 3.2% to 1,970.
Worry is that if stocks drop 6% in two days, investors could lose confidence in a rally that began six years ago after shares hit lows at the depth of the recession. The S&P fell from 1,530 in July 2007 to 790 in early 2009. From that point the index rose relentlessly to 2,100 early this year. The index traded mostly sideways until the current sell-off.
Often, world sell-offs stop in the United States as American confidence blocks the Asian and European drops. Today, it appears that will not be true, at least at the open.
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