Stock Sell-Off Steepens

It’s a broad selloff, with every S&P 500 (NYSEARCA:SPY) in the red. Worst hit are the financial names (XLF -2.3%), led by 2.5% declines for Bank of America, Wells Fargo, and Morgan Stanley (all of which reported their Q1s last month).

With the exception of a modest gain for Procter & Gamble, all Dow (DIA-1.6%) components are lower on the session, led by Caterpillar’s 3.8% drop.

In tech (QQQ -1.4%), Facebook, Oracle, and IBM are all off nearly 2%.

Hit particularly hard after earnings and a bizarre conference call is Tesla, down 7%.

The 10-year Treasury yield is down 3.7 basis points to 2.93%.

Quad 7 Capital is a leading contributor with various financial outlets, and pioneer of the BAD BEAT Investing philosophy. If you like the material and want to see more, scroll to the top of the ...

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