US equity futures slide ahead of the open. Intel plunges
I expect worries about the Federal Reserve to start to weigh on sentiment in the run up to the FOMC and we might be seeing the start of that now. S&P 500 futures are down 16 points, or 0.4%. Shares of Intel are the big loser, down 9.4% on poor earnings and guidance. On the […]
US dollar sinks on hard landing fears after ISM services survey plunges
The ISM services sector survey is one of the best forward looking indicators out there and today’s edition plunged to 49.6 from 56.5, far worse than the economist consensus of 55.0. Even worse, the forward-looking new orders component in the survey looks like this: ISM new orders Market participants are struggling with the idea of […]