Dow futures drop 260 points as sell-off looks set to continue in new week

[Yosemito]

Source: CNBC

U.S. stock futures fell on Sunday night as traders feared an intensifying trade war between the United States and China.

Dow Jones Industrial Average futures dropped 260 points, implying a decline of 236.95 points at Monday's open. S&P 500 and Nasdaq 100 futures also declined. The losses would add to a steep decline from last week.

Read more: https://www.cnbc.com/2018/12/09/dow-futures-drop-200-points-as-sell-off-is-set-to-continue-in-new-week.html

[sagesnow]

1. Will this Trump Slump lead to

the next Republican Recession?

[spooky3]

2. These stories almost always fail to talk about the long decline (since early October) that has

been severe. Describing just a week's worth of drops understates how badly Trump and friends have mismanaged things.

[empedocles]

3. DJ around 24000 suggests technical points, if hit will trigger still more selling.

Happened to have movie 'Spy Game' on tonight. Starring Redford, Pitt. Plot driven by pending top level trade talks twixt China and US.
Awful lot goes on behind the scenes for such talks, lot of expedient and unfortunate decisions.

[oberliner]

4. That is depressing

[uncle ray]

8. the markets are taking the news about Degrasse Tyson very poorly.

[oberliner]

9. LOL

[PeeJ52]

5. I wish we could take a vote of no confidence in this government

and vote on a new one. It definitely appears the financial sector no longer has confidence in this administration.

[RKP5637]

6. Heck of a job well done, Trumpee! n/t

[Wellstone ruled]

7. No surprise.

We have the Brits throwing Gasoline on this Trump fire. What to watch for is,what will McConnell try to ram through this week. Eleven days remaining to pass a Budget.

Is the market going to go into correction mode? My guess is,we are now entering it,another 10% or more by New Years? Sure heading that way.

All those IRA's and 401's are going to suck come January 15.

[progree]

11. We are in correction mode (down 10.1% from all time peak), using the S&P 500

All time peak in early October: 2930
Friday's close: 2633, down 10.1% from the peak
. . . and down 1.5% for the year (it closed at 2674 on 12/31/17)

Bear market territory (down 20%) is at 2344, so that's the next "resistance point"

Still above the last close before inauguration day (2264) ... the next "resistance point" after that

[Wellstone ruled]

12. Did not realise

we were that close,80 points is not a good cushion. Ugly!

[tinymontgomery]

13. Was hoping to retire

Was hoping to retire in Jan of 2020 but if this keeps up
that won't be happening.

[Wellstone ruled]

14. Understand

fully how you feel. Had already planned our retirement with 28 months left,planned on transferring to a different division and going very part time. Two days a week at my choice,one of those jobs a work a day Guy would dream about,a walk around and talk smart one and get paid for it.

Long story short,all it took was a Workers Comp injury to kill that off and the was just as the Bush/Cheney Depreciation hit. Had to sue my Employer in order to receive medical treatment and there goes the gravy job. So bottom line is,if you are Healthy and can continue the grind,do so.

We got lucky and did not end up burning our 401's ,but there were days. When your body is done,do not fight it,buried to many a person who did.

[former9thward]

22. Why would you have your money in stocks if that is what you feel?

No one requires you to invest in the stock market.

[tinymontgomery]

27. All Roth's and Old IRA's and 401

All Roth's and OLD type IRA's along with a 401 couldn't do much with out
moving into a stock of some sort. Won't die using my my mil and VA money
along with SS in 1 more year, taking early at 62 along with the
recommended 3 months in the bank as recommended. Banking on ROTH's and other funds
to boast the loss from retiring. Kind of hard moving that money out of the programs without
getting slammed on taxes.

[Yo_Mama_Been_Loggin]

10. The Trump slump continues

[Talitha]

15. I don't understand the market at all, but...

I've heard that the super-rich are the ones that hold most of the stocks. If that's true, then they'd be the ones to go belly-up first, right? And the Koch brothers are among the super-rich... might they finally decide enough is enough and have Dump put on a choke chain? (Hey, I can dream...)

[mahatmakanejeeves]

18. Let's step back and take a look.

We All Have a Stake in the Stock Market, Right? Guess Again

By Patricia Cohen
Feb. 8, 2018

Take a deep breath and relax. ... The riotous market swings that have whipped up frothy peaks of anxiety over the last week — bringing the major indexes down more than 10 percent from their high — have virtually no impact on the income or wealth of most families. The reason: They own little or no stock.

A whopping 84 percent of all stocks owned by Americans belong to the wealthiest 10 percent of households. And that includes everyone’s stakes in pension plans, 401(k)’s and individual retirement accounts, as well as trust funds, mutual funds and college savings programs like 529 plans.

“For the vast majority of Americans, fluctuations in the stock market have relatively little effect on their wealth, or well-being, for that matter,” said Edward N. Wolff, an economist at New York University who recently published new research on the topic.

Both Republicans and Democrats have promoted the idea that a rising stock market broadly lifts Americans’ fortunes. When there was a parade of market rallies, President Trump asked, “How’s your 401(k) doing?” .... But the day-to-day impact on most people’s overall wealth is minimal. ... “It’s far from where you think that it would be, given the rhetoric,” said Ray Boshara, director of the Center for Household Financial Stability at the Federal Reserve Bank of St. Louis.
....

Follow Patricia Cohen on Twitter: @PatcohenNYT.

A version of this article appears in print on Feb. 9, 2018, on Page B1 of the New York edition with the headline: Wall Street Gyrations Affect Few In the U.S.. Order Reprints | Today’s Paper | Subscribe

Full disclosure: I'm buying stocks on a regular basis for my 401(k). I also bought some shares last Friday. I haven't checked today to see whether that was the sign of a genius or a big dummy.

[Talitha]

20. Thanks for the information!!

[allgood33]

16. Does this mean that Bitcoin is coming back?

[EarthFirst]

17. I have my suspicions that there are forces at work that are 'cleaning' that sector

...before making their enterance.

I have no doubts that eventually the SEC will clear the way for ETFs on digital currency markets.

They’ll want the lowest possible entry point.

I realize that your response was heavily steeped in sarcasm; and I know how well-received blockchain/cryptocurrency is here among this user group.

However; I do believe that there will be an attempt to profit off this emerging investment arena.

In full disclosure; I do hold several investments in BaaS projects that overlap into the cryptocurrency emerging market.

[Bengus81]

19. Down almost 500 points at 10am. But...someone will be along soon.......

To tell you how much it's still up since Jan 2017.

[onenote]

21. Not going to talk about 2017. But will note that dow closed up 33 points

which is why I always caution people to take the futures numbers and the first hour of trading with a grain of salt.

[DrToast]

23. Exactly. This thread got quiet pretty quickly

It seems like some of you enjoy it when the market tanks.

[MichMan]

24. These threads always keep popping up when the market loses

They do. No one ever posts when it gains.

I do think many here would be perfectly fine with an economic collapse as long as Trump gets the blame. If you have that way of thinking, for all those people who lose their retirement savings, their jobs , or had their homes foreclosed, it would just be collateral damage for the good of the country. They must have been ecstatic in 2008-2009.

I for one will never hope see my neighbors broke, unemployed, homeless & hungry to score political points

[Bengus81]

25. Nope,I'm retired with an IRA

Last thing I want to see is another Bush.IDIOT meltdown and my IRA reduced to scraps. That's why I take ALL of Trumps BS gains with a HUGE grain of salt. I've been posting for over a year how those gains were smoke and mirrors BS,unlike the slow,gradual DOW gains under Obama--with a year after year improving economy.

Talk about going silent,that's what many did here back in Jan when this POS tanked 2,000 points and has NEVER recovered. One year and chicken shit gains if any in peeps IRA's and 401k's. With Bush it was tax cuts,Wall St thugs and a BS housing market that caused what was nearly the second Great Depression.

Under Trump the tax cuts are RIDICULOUS for the rich,he's rolled back most of the banking regulations put in place after Bush,ridiculous military spending and the deficit and ND are soaring. That SCAM artist unlike Obama inherited peace on Earth and is trashing it day by day. He's added right at 2T to the ND after inheriting a stable economy with low unemployment rates.

Hell...I'm scared to DEATH as to what will happen to my IRA over the next year or two. There's no joy if I post about the DOW losing 500-800 points in a day and then losing again the next day,but I'm also not sticking my head in the sand.

[former9thward]

26. If you really believe what you post

why in the world do you have your IRA in stocks? There is no IRA or 401k which requires you to have your money in stocks. If you have your money in stocks it is because you think they will go up during the period you own them. There can be no other reason. So why?

[onenote]

28. December 30 futures: Up 159 points at 9:45 pm

No predictions from me as to where it will be when the market opens or where the market will close to end the year.