Global Equities Sink (SPY)

Global equities are down across the board Tuesday, as European debt concerns and speculation about Chinese interest rate hikes weighed on markets. The Dow Jones Industrial Average is currently down more than 200 points, to below 11,000. The S&P 500 is down 1.8%, to 1,176. Elsewhere today, London's FTSE Index, Germany's DAX Index, and China's stock market all lost more than 1.8%. There is increasing talk that China may take more aggressive steps to stem inflation, as well as enacting food price controls. Commodities also are down considerably Tuesday. A CNBC.com report notes that "In U.S. economic news, an index of home building sentiment in the U.S. rose slightly, but less than expected, for a second month, although the index remains historically low, according to a survey released by the National Association of Home Builders/Wells Fargo Housing Market on Tuesday. The index rose to 16 from 15 last month." In earnings news, Home Depot

, Wal-Mart

, and Saks

all reported earnings that were higher than the previous year. The SPDR S&P 500 ETF

is down 1.6%, or $1.90, to $118.13.