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NYSE invokes Rule 48 for open, Dow futures briefly tumble more than 400
Yahoo Finance ^ | 1-1-2015 | CNBC

Posted on 09/01/2015 6:33:05 AM PDT by Citizen Zed

U.S. stock index futures pointed to a sharply lower open on Tuesday, with Dow futures briefly falling more than 400 points, following some weaker-than-expected Chinese data.

Two sets of key Chinese data disappointed traders on Tuesday. The official manufacturing purchasing managers' index (PMI) edged down to 49.7 in August from 50 in July, while the final Caixin/Markit manufacturing PMI came in at 47.3 in August, the lowest reading since March 2009.

Even more worrying, China's services sector , which has been one of the lone bright spots in the sputtering economy, also showed signs of cooling, a similar business survey said.

Read More Rocky month, US data in focus

The New York Stock Exchange invoked Rule 48 for the fourth time in two weeks.

The numbers failed to calm ongoing jitters about the world's second-largest economy, which led to the worst month for more than 3 years in August on the S&P 500 (^GSPC), the U.S. benchmark stock index.

Two key U.S. data reports are due out on Tuesday, which should give further indications on the strength of the domestic economy. The August ISM manufacturing index at 10 a.m. ET. and U.S. auto sales, which is expected to show continued strength in the consumer.

As of the market close on Monday, analysts polled by Thomson Reuters expected a read of 52.6 for ISM manufacturing, a tick lower than July's 52.7 print.

Construction spending data will also be released at 10:00 a.m. and will also be in focus for traders ahead of Friday's highly anticipated official jobs report.

Also in focus will be a speech on the economic outlook on the U.S. economy from Boston Fed President Eric Rosengren in New York at 1:10 p.m. ET.

(Excerpt) Read more at finance.yahoo.com ...


TOPICS: Chit/Chat
KEYWORDS: correction; dow; nyse; rule48; stockmarket
Any Freepers making money on the VIX lately?
1 posted on 09/01/2015 6:33:05 AM PDT by Citizen Zed
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To: Citizen Zed

Guess renaming that mountain didn’t calm the markets?

Pray America is waking


2 posted on 09/01/2015 6:34:23 AM PDT by bray (Trump and Cruz to the White House)
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To: Citizen Zed
I think we'll see a pullback to DJIA 12,000, then all those bargain hunters (with US$4.5 trillion in liquid assets on their hands!) jump in.
3 posted on 09/01/2015 6:36:07 AM PDT by RayChuang88 (FairTax: America's economic cure)
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To: Citizen Zed; blam; Old Sarge

There is plenty of money to be made in the market. ;-)


4 posted on 09/01/2015 6:36:14 AM PDT by Kartographer ("We mutually pledge to each other our lives, our fortunes and our sacred honor.")
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To: Citizen Zed
Global Markets Are Melting Down
5 posted on 09/01/2015 6:36:36 AM PDT by blam (Jeff Sessions For President)
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To: Kartographer

Yep, all I do is buy, day in and day out, come what may, and I never sell. I am blissfully unaware of the ups and downs. I laugh at corrections. Ha ha!


6 posted on 09/01/2015 6:41:00 AM PDT by Genoa (Starve the beast.)
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To: RayChuang88
The bottom line is that as long as interest rates are low, stocks are the best place to be.*
Even if the Fed raises rates, the market will correct for a bit, but the smart money will stay in stocks until the prime rate is above 9%.

*You should have some money in precious metals though, as insurance

7 posted on 09/01/2015 6:50:57 AM PDT by chud
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To: Citizen Zed

I guess Rules 1 through 47 didn’t work.


8 posted on 09/01/2015 6:52:46 AM PDT by Oldeconomybuyer (The problem with socialism is that you eventually run out of other people's money.)
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To: Oldeconomybuyer

Rule 34 is pretty reliable.


9 posted on 09/01/2015 7:37:35 AM PDT by Nep Nep
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To: Nep Nep
Rule 34 is pretty reliable.

This is no time for frivolity! The market is going down on us and ... oops, you were right.

10 posted on 09/01/2015 7:45:17 AM PDT by pepsi_junkie (The only fiscally sound thing dems ever did: create a state run media they don't have to pay for)
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To: Citizen Zed

i guess manipulating gold on the open isn’t enough anymore


11 posted on 09/01/2015 8:13:40 AM PDT by sten (fighting tyranny never goes out of style)
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