European markets are bleeding red and the big talk is China’s Shanghai stock market which has fallen 5% on concerns about the Chinese economy. The Dow Jones futures are off by 89, to 9,118. The S&P 500 futures are down 10, to 979, while the Nasdaq futures are lower by 18, to 1,569. We are eaasily looking at a triple-digit loss at the open for the Dow.
Wall Street gets nervous when it sees big dips on the Shanghai market as they begin to think out load that there is something fundamentally bad happening with the Chinese economy. No matter how you slice it, the U.S. and China are joined at the hip so we need to watch this development.
In pre-market trading, I am seeing bids for Bank of America (BAC) at $16.63, $26.65 for Home Depot (HD) and Abercrombie & Fitch (ANF) is at $30.49…sweet!