$2.5 Trillion Wiped Out As World Stocks Crash Most Since 2008
As we previously noted, S&P futures triggered a “level one circuit breaker” after falling 7%, which means trading will be halted for 15 mins. The movement of US equity futures today is likely crash, then halt, crash then halt.
It’s only a matter of time before more intervention is seen…
Remember when the Fed did an emergency rate cut last Tuesday? Good times.
As for global stocks, it’s much of the same. MSCI All-Country World Stocks Index is down 5.3%, on the worst day since December 2008. The move has wiped out roughly $2.5 trillion in value of global stocks, noted Reuters.
Here’s iShares MSCI World ETF down -8%, back to August 2017 levels.
As a reminder:
· If the S&P 500 declines 7%, (208 points), trading will pause for 15 min
· If declines 13%, (386 pts) trading will again pause for 15 mins
· If falls 20%, (594 pts) the markets would close for the day.
Trading halts are currently sweeping across the world, one of the first times since the 2008 financial crisis.
