Stock Market Breakdown Triggers Widespread Selling Across Markets
The stock market's breakdown and the failure of oil prices to fall below $100 sent shockwaves through markets today, causing widespread selling.
The S&P 500 futures broke below their June high, invalidating a potential breakout that had been in place since August. This development has significant implications for other markets, particularly those with industrial uses such as copper and silver, which have already begun to react.
Silver's price fell sharply, dropping from above $67 to below $65, while copper lost almost 5% of its value. Gold also declined, falling about $60 to trade near $4,400.
The market's reaction was particularly notable given that the data released today matched expectations, with producer prices rising 0.4% and initial jobless claims coming in at 206,000, as forecasted.