The US markets were closed today for MLK, but the rest of the world was still trading. And it was an utter slaughter.
The FTSE 100 (UK) down 5.5%, Brussels SE BEL-20 down 5.5%, Amsterdam SE EOE down 6.15%, CAC 40 (France) down 6.8%, Australia All Ordinaries down 7.26%, RTS (Russia) down 7.38%, Hang Seng (Hong Kong) down 8%.
If the US markets open down 5-8%, that'll be a drop of over 600-1000 points on the Dow. Futures contracts are already down about 500 points.
I am not looking forward to tomorrow morning.
Sure enough, the stock market opened way down; the Dow started out 465 points (3.8%) in the hole. Fortunately the Fed issued an emergency rate cut of 75 points last night, which saved the market from certain doom. By 11 am, the Dow had climbed back to withing 50 points of Friday's close, after which trading became very choppy, dipping another 100 points or so and then rallying back to within 50. About 25 minutes before the close, the Dow actually pulled within 30 points of Friday, but it couldn't hold on. The Dow closed down 128 points, or about 1%.
The NASDAQ didn't fare quite so well, it opened down 119 points (5%) and closed 47.75 points down from Friday, about 2%. Some of the biggest losers were in the tech sector, with Intel down 2%, Google down 2.7%, Microsoft down 3.2%, Cisco down 3.4%, Apple down 3.5%, Yahoo down 4.4% and Oracle down 6.8%. Of the most actives on the NASDAQ, only Research In Motion and Starbucks posted gains, 1.7% and 0.05%, respectively.
Apple released their earnings and sales data shortly after market close and is currently trading down another $18 (11.6%) in after-hours trading.
Declines outnumbered advances on the NASDAQ by 2 to 1, but on the Big Board the bears lead by only 18 to 13.
So far, I'm only down $1000 on the day (it'll be another 90 minutes or so before mutual fund numbers come in). You know the market is in the toilet when you're happy that you've lost only $1000.