All 3 major U.S. indices fell today as bond yields continued to spiral lower, raising concerns about the broader state of the economy. The Dow tumbled 1.51% as the S&P fell 1.24% and the Nasdaq dropped 1.20%.
results which took markets by surprise as the country's center-right leader, President Mauricio Macri, performed poorly in primary elections. The outcome triggered a sell-off in peso and Argentina's stocks, which are down 30%.
Major U.S. stock averages suffered their worst days of the year on Aug. 5 after China allowed its currency to drop against the dollar below a key level unseen since 2008. Still, the Dow recovered to only finish last week lower by less than 1%. "These are not necessarily familiar risks, but this is not new and different," said Kate Warne, investment strategist at Edward Jones. The fact that markets didn't have a bigger decline "should be reassuring that investors are not seeing this as a see change; they are seeing it as one more episode in what we all expect to be a long-running set of tensions both between the U.S. and China and the rest of the world."by 20 basis points to 1.
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