2018 Economic Calendar
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Market Reflections  

February 8, 2018
The stock market crumbled through the session and especially at the close with the Dow falling 4.2 percent to 23,860 and swelling its loss over the last five sessions to 9.7 percent, The sell-off began with Friday's employment report which did show some wage pressures and did raise talk of less gradual Federal Reserve rate hikes. But the reason for the rupture is elusive with banks apparently sound and no talk yet of cascading counter-party failures. Bitcoin isn't to blame, at least not to today with a 10 percent gain to $8,300.

The selling in the stock market didn't flow into Treasuries where demand eased but only slightly. The 10-year yield rose 3 basis points on the day to 2.83 percent. There was also little movement in the dollar as the dollar index posted a fractional loss to 90.32. And money isn't flowing into oil, which fell more than $1 and is back near $60 at $60.32, nor gold which held steady at $1,320.

The day's economic news is once again positive, led by jobless claims where levels are all very low including the 4-week average for initial claims which is at a 45-year low. Talks to keep the government open are reportedly moving forward and a favorable vote is expected late tonight.

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