Stocks opened higher this morning but quickly faded on Turkey fears. The Dow and SPX are currently down 100 pts & .23%, respectively. Retailers, semiconductors and some FAANG stocks are clinging to small gains, but most everything else is in the red. The VIX Index is trading up around 14, the highest in two weeks but still considered very low. Exchange trade volume is 11% below normal levels for this time of year, according to Bloomberg. European markets are down .5% and most of Asia was down more than 1% last night. The dollar appreciated about 1.2% over the last week as emerging markets currencies are losing ground. Not surprisingly, commodities are falling in value. WTI crude oil is down 1% to trade around $66.60/barrel. Remember, oil was over $70/barrel a month ago. Bonds are slightly lower in today’s trade. The 5-year Treasury yield is hovering around 2.74% and the 10-year is trading at 2.87%.
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