Market sentiment has officially turned negative. The MSCI All-Country World Index is now down over 20 percent year-over-year, classifying it as a bear market, CNBC reports.
The broader U.S. indices are also performing poorly, down an average of near 3 percent on Wednesday. All three are now down close to 10 percent year-to-date.
Stocks Hitting 52-Week Lows
Many stocks are hitting 52-week lows, including the following names:
Alcoa Inc AA
Ambarella Inc AMBA
Bank of America Corp BAC
Bed Bath & Beyond Inc. BBBY
ConocoPhillips COP
Caterpillar CAT
Dunkin Brands Group Inc DNKN
3D Systems Corporation DDD
1-800-Flowers.Com Inc FLWS
DaVita HealthCare Partners Inc DVA
Garmin Ltd. GRMN
Groupon Inc GRPN
Jazz Pharmaceutical JAZZ
J C Penney Company Inc JCP
Mobileye NV MBLY
Oracle Corporation ORCL
Transocean Ltd RIG
TASER International, Inc. TASR
Bank Of America Making Waves
On Tuesday, Bank of America analyst Adam Parker said his team's "best guess" is that the U.S. markets are pricing a 50 percent chance of a recession this year.
As ValueWalk writes, the bank's team said the fall of the USD-Saudi Riyal peg could be the "number one black swan event" in 2016. " In short, low oil makes this possible, as "the FX reserve drain on Saudi could accelerate to $18bn per month if Brent crude oil prices average $30/bbl, sharply reducing the Kingdom’s ability to retain its currency peg.”
JJ Kinahan And Craig Laffman Talking About Market Volatility After Close
TDAmeritrade strategists JJ Kinahan and Craig Laffman will be talking about the market volatility this Wednesday at 4:15pm ET.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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