After a brief market rally yesterday following the Trump Administration’s decision to suspend new tariffs on some China-sourced goods—originally scheduled to take effect Labor Day weekend—markets plunged today as yields on the 2-year Treasury bond briefly rose above that of the 10-year note in early trading.
In midday trading, the S&P 500 fell 2.8% to 2,848.33; the Dow Jones Industrial Average 2.6%--about 700 points—to 25,588.30; the Nasdaq 3% to 7,778.81.
The yield on a 10-year Treasury bond plunged 5.8% to 1.58%.
In midday trading the 2-year Treasury note was at about 1.57%.
The price of gold spiked 1.3% higher to $1,533.
The price of oil dove 5.2% to $54.16 a barrel.
OC stocks were hammered with the rest of the market. Notable exceptions:
Irvine-based health facilities owner HCP Inc. (NYSE: HCP) was up 0.3% on average volume to $33.69 and a $16.6 billion market cap. Shares in the REIT are up about 22% on the year.
ChromaDex Corp. (Nasdaq: CDXC), also in Irvine, rose 0.1% to $4.18 and a $233 million market cap. It plans tomorrow to privately place 1.6 million shares of its common stock at $4.47 apiece to new investors. The nutritional ingredients maker said the sale is in addition to a $10 million private placement to current investors in May.