Markets were down across the board today, as oil dipped to long-time lows. The Dow lost over 100 points in trading, falling to 17,683.58. The NASDAQ was down 17.27 points to 4,991.94 -- dipping below the 5k mark for the first time this summer. The S&P 500 lost 8.02 points to close at 2,068.76.
Chinese Economy Slowing to a Halt
The Chinese economy is slowing, at least according to experts. It's hard to get definitive data from China itself, but it appears as though Chinese consumers are starting to import fewer luxury American goods as their economy grinds to a halt. Estimated GDP has been falling for the past year, but consumers in China were willing to overlook the financial situation and spend their money on American goods -- like iPhones and computers -- even while the economy slowed down. It may not be possible to count on record export numbers the next time Apple (AAPL) releases its next phone.
Crude Oil at the Lowest Prices Since April 15th
In yet another example of world politics driving the market, oil prices have been falling as United States and Iran get ready to make a deal. The political deal, which will hopefully stop Iran from developing nuclear weapons and eventually raise the sanctions that have been levied against the country, could be announced as soon as Friday. Although the politics of a deal with US and Iran are contentious, the marketplace is looking forward to increased participation by one of the largest oil producing countries in the middle east -- especially one with a large consumer economy.
GoPro (GPRO) Stock Dips Despite New Product Announcement
Shares of GoPro (GPRO) closed the day lower despite a new product announcement. The camera, dubbed the Hero 4, is the smallest and lightest ever offered by the company. A new product announcement wasn't enough to reverse the losing trend that has been taking shape with GoPro lately. Over the past 5 days, the stock has lost almost 5% in value as it continues to tumble. In trading today, GoPro dipped 0.81 points to close the day at $50.94 per share.
10-Year Yield Falls in Trading Today
The yield on 10-year t-bonds dropped lower today, as investors get back out into the marketplace and put less of a priority on bonds. The yield dipped by 0.11 points, ending the day at 2.28%. Bonds are often the refuge of traders who lack confidence in the marketplace, and spiking 10-year bonds are the ultimate indication that markets are just too volatile for long-term trading.