Stocks sank at the open on trade war escalation (see below). The Dow is currently down 305 pts and the SPX is down 1.4%. All eleven major market sectors are in the red. Semiconductor stocks are faring the worst; the Philadelphia Semiconductor Index (SOX) is down 2.7%. The VIX Index, a common measure of trader fear—shot back up to 19 in early trading. Commodities are trading mostly lower, except gold. WTI crude oil backed down to $52.30/barrel. Safe-haven Treasury bonds are in rally mode today. The iShares 20+ Year Treasury Bond ETF (TLT) is up .6%. So the mood is clearly risk-off.
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