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01Sep2015 Market Close: Markets Close Seriously Lower, WTI Oil Slips To 44, Investors Spooked

Written by Gary

Wild Ride Tuesday and a nasty start of September, but it couldn't get any worse, right? Markets closed down 3%, $VIX rides the wave over 33 and WTI oil slips to the 44's.

Todays S&P 500 Chart

Here are today's 10 weakest S&P 500 stocks

Another set of weak data out of China set up a rough start to September for U.S. stocks.

The Dow Jones Industrial Average was down as much as 494 points, or 2.4%, after China's official manufacturing purchasing managers index fell to 49.7 in August from 50.0 in July. A level below 50 for a PMI indicates contraction.

Manufacturing activity in the United States continued to expand, but at its slowest pace in more than two years. The Institute for Supply Management said its U.S. Manufacturing Index declined to 51.1% in August from 52.7% in July.

The benchmark index was down as much as 2.4%, with energy dominating the list of losers. West Texas Intermediate crude oil for October delivery was down as much as 7% to $45.76 a barrel, following a remarkable 27% increase over the previous three sessions.

Here are the 10 S&P 500 stocks showing the largest declines on Tuesday:

Read More >>

The Market in Perspective

Here are the headlines moving the markets.

Rosengren sees gradual Fed rate hikes, downplays timing

NEW YORK (Reuters) - The Federal Reserve will probably only gradually raise interest rates, irrespective of whether it decides to take the first step a few months earlier or later, a top U.S. central banker said on Tuesday.

Oil tumbles 8 percent as weak China data revives growth fears

NEW YORK (Reuters) - Oil prices tumbled 8 percent on Tuesday in volatile trading that sent Brent futures back below $50 a barrel as weak Chinese data revived concerns about demand for petroleum after crude's three-day rally of more than 20 percent.

U.S. auto sales stronger than expected in August on trucks, SUVs

DETROIT (Reuters) - The U.S. auto industry powered ahead in August, topping sales estimates and shrugging off gyrating stock markets as consumers continued to show their penchant for pickup trucks and SUVs.

Exclusive: Mexico withheld millions in tax refunds from P&G, Unilever, Colgate

MEXICO CITY (Reuters) - Mexico's government withheld hundreds of millions of dollars in tax refunds owed to Procter & Gamble, Unilever, and Colgate combined as it sought to coax them and other multinationals to pay more income tax locally, according to people close to the talks.

Hit by cheap oil, Canada's economy falls into recession

OTTAWA (Reuters) - The Canadian economy shrank again in the second quarter, putting the country in recession for the first time since the financial crisis, with a plunge in oil prices spurring companies to chop business investment.

ConocoPhillips Fires 10% Of Global Workforce, Warns Of "Dramatic Downturn" To Oil Industry

Remember when the oil crash was supposed to be "unequivocally good" for the global economy and the US consumer, only for this to be disproven as the biggest macroeconomic lie since "QE is good for the people"? We do - quite vividly - which is why in December of last year we presented "150 Billion Reasons Why Low Oil Prices Are Not Good For The Global Economy" and countless other articles subsequently explaining why the great oil collapse of 2014 (and 2015) is actually "unambiguously bad." It took the so-called experts the usual 6-8 months to catch up, and admit they were wrong or at least stay silent this time.

In fact, 10 months after our first exposition on the death of the Petrodollar, the massive upcoming reserve liquidation (read Treasury selling) that is about to be unleashed as a result of the soaring dollar and plunging price of oil, has finally become a topic du jour at such banks as Bank of America and Deutsche Bank, who have finally grasped that the great oil crash precipitated nothing short of the world's first Reverse QE episode in history as some $10 trillion in accumulated reserves start being sold.

That, however, mostly impacts the uber-wealthy: those whose net worth is invested in financial assets which are about to be sold en masse by some of the world's biggest central banks. Where it hits much closer to home is when firms such as Houston based Conoco ...

UBS Unit to Pay More Than $2.9 Million to Investors in Puerto Rico

UBS AG's wealth-management unit was ordered to pay more than $2.9 million to two investors in Puerto Rico for losses tied to funds holding the island's municipal bonds.

China manufacturing contracts, euro zone and U.S. slows

LONDON (Reuters) - China's giant manufacturing industry contracted and euro zone and U.S. growth eased in August in data published on Tuesday, while the International Monetary Fund cut its forecast for world growth this year.

Wall St. falls hard as weak China data stokes fears

(Reuters) - Wall Street slumped more than 2 percent on Tuesday, pushing all three major U.S. indexes into losses for the year after weak data from China added to fears that a slowdown in the world's second-largest economy will constrain global growth.

Rigor Mortis Of The Robo-Machines

Submitted by David Stockman via Contra Corner blog,

Call it the rigor mortis of the robo-machines. About 430 days ago the S&P 500 crossed the 1973 mark for the first time - the same point where it settled today.

In between there has been endless reflexive thrashing in the trading range highlighted below. As is evident, the stock averages have not "climbed" the proverbial wall of worry; they have jerked and twitched to a series of short-lived new highs, which have now been abandoned.

Surely most thinking investors have left the casino by now. So what remains is chart driven trading programs, racing madly up, then down, then back up again - rinsing and repeating with ever more furious intensity.

^SPX Chart

^SPX data by YCharts

Accordingly, it goes without saying that the central bank driven casinos which now pass for financial markets are no place for savers, investors, rational speculators or any other known type of carbon unit. More than 80 months of ZIRP and nearly two decades of central bank financial repression have destroyed fre ...

The Scariest Chart For Global Stocks

As QE3 came to an end, World Stocks plunged back to economic reality before The Fed's Jim Bullard promised 'moar QE' if things get really bad. Well things have got really bad... JPMorgan's Global Manufacturing PMI just dropped to its lowest since July 2013..

And the 'wedge' between economic reality and market perception is closing rapidly.

Because - as we noted previously, "It's not the economy, its global stocks, stupid!"

We leave it to Raoul Pal to sum up...

World PMI is looking very much like replay of 2007/8... tipping point is nearly reached. Currently at 50.7. pic.twitter.com/19Q98RDMlc

â€" Raoul Pal (@RaoulGMI) September 1, 2015

Charts: Bloomberg

Fiat Chrysler to move Jeep Cherokee production out of Ohio: Automotive News

(Reuters) - Fiat Chrysler Automobiles NV will move the production of Jeep Cherokee out of Toledo, Ohio as the automaker readies the facility for producing its redesigned Jeep Wrangler, Automotive News website reported.

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To contact me with questions, comments or constructive criticism is always encouraged and appreciated:

gary@econintersect.com

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