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The sell-off deepened in late-morning trading, with the Dow plummeting more than 1,400 points. The S&P was down 6%, threatening to trigger a key exchange-mandated circuit breaker.Â If the S&P 500 drops 7%, trading will pause for 15 minutes.â Li
The iShares MSCI Emerging Markets ETF (EEM) is down 6%, bringing its month-to-date losses to more than 21%. The ETF is on track for its worst month since October 2008. â Francolla, Stevens
While the broader market moves lower, shares of Walmart are up more than 5% as Credit Suisse upgraded the stock to an outperform rating on Wednesday. “We see this unfortunate period accelerating structural changes in consumer shopping, possibly by 5+ years, as they are introduced to new retailers and new shopping methods,” the firm said. Credit Suisse raised its full-year 2021 earnings estimates, saying the multi-channel retailer will benefit from a jump in online grocery and delivery, among other things. â Stevens
Stocks rebounded slightly from their steep opening losses. The Dow traded about 950 points lower after plunging 1,365 points at its low. The S&P 500 dropped 4% after tanking 5.6% at the open. Wall Street’s fear gauge the Cboe Volatility Index, known as the VIX, fell 6% to about 71, after hitting a record close of 82.69 on Monday. — L