Stocks are down about 1% today as uncertainty about the timing of a rate hike as well as global growth continued to push stocks lower.
The Dow was down 170 points after falling more than 200 earlier.
Health care and energy were the greatest decliners in the S&P 500, which traded more than 1 percent lower.
Apple had fallen more than one and a half percent despite news that it sold more than 13 million new iPhone 6s and 6s Plus models in a record first weekend of sales.
The Nasdaq fell more than 1.5% pressured by a 3 percent decline in the iShares Nasdaq biotechnology ETF. The ETF fell further into bear market territory, or more than 20 percent from its 52-week high.
On Friday, the IBB plunged nearly 5 percent for its worst day since easrly 2014. The Dow closed more than 100 points higher, boosted by decent earnings.
“The big concern here is the market has deteriorated to a point that now even the leadership is faltering,” said Lance Roberts, head of Streettalklive.com.
As the retail sector gained Monday, one group of suffering stocks led the way, jumping 1.2 percent: the multiline retail stock group, which includes names such as Target, Dollar Tree and Nordstrom.
The average national gas price recently fell to $2.29 from $2.33 a week ago, according to AAA’s Daily Fuel Gauge, translating into more available funds for consumer discretionary spending.
Barron’s wrote over the weekend that Dollar Tree is expected to outperform compared to estimates, based on long-term gains from its acquisition of Family Dollar. The stock rose 1.8 percent on Monday.
Retail ETFs also seem to be at an inflection point and the money flow looks to turn positive.
After being down about 5% this calendar year, retail is moving higher and may one of the few winners by the end of the year.
Stocks are trading down today, pressured by continued anxiety over slowing global growth following the Federal Reserve’s decision to keep rates unchanged.
In the small-cap market, the Russell 2000 Index was down 1.4% at 11:30am (ET).
“It’s a market that’s gripped with fear, fear of uncertainty of the growth of the global economy and it’s own growth strength and that’s due to the Fed sending the wrong signals to the market,” said Peter Cardillo, chief market economist at Rockwell Global Capital.
The Dow Jones industrial lost more than 250 points as the major averages declined more than 1.5 percent, with the Nasdaq composite joining the other major averages in negative territory for 2015.
The blue chip index is more than 11 percent from its 52-week high, in correction territory. The S&P and Nasdaq composite remained within 10 percent of their 52-week highs.
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U.S. stocks rose on Tuesday, a day ahead of the start of a crucial Federal Reserve policy meeting. Fed policymakers will convene a two-day meeting on Wednesday and could decide to raise interest rates for the first time in close to a decade. Energy stocks rose more than the rest of the market as the price of crude oil moved higher.
The Dow Jones industrial average gained 177 points, or 1.1%, to 16,548 as of 1:06 p.m. Eastern time. The Standard & Poor’s 500 index climbed 18 points, or 0.9 percent, to 1,971. The Nasdaq composite rose 36 points, or 0.75 percent, to 4,842.
The stock market has recovered some of the ground that it lost in August and early September, but is still down from its peak of the year as traders and investors fret about the possible impact of slower growth in China and other emerging markets. The S&P 500 is down 7.5 percent from its record close set in May.
Americans stepped up their spending on cars, restaurant meals, groceries and clothing in August. The Commerce Department said Tuesday that retail sales rose 0.2 percent last month, after advancing 0.7 percent in July. The increase was slightly less than economists had forecast.
Investors are looking ahead to the Federal Open Market Committee meeting this Thursday.
Small-Caps and penny stocks just turned positive as the Russell 2000 moved into the green just after noon. At the opening, the small stock index opened lower and continued lower before bouncing off its intra-day low just above 1,143.
It is now at 1,153 which is a critical point. If the Russell breaks above that price, there will be some support there. That will make it easier to move higher before it hits a significant technical and psychological resistance level near 1,200.
Russell 2000 on Yahoo! Finance
Stocks are mostly higher this morning, as investors eyed declines in oil prices and remained uncertain ahead of the key Federal Reserve meeting next week.
The major averages reversed opening losses to attempt slight gains.
Energy briefly fell more than 1.5 percent to lead nearly all S&P 500 sectors lower.
Oil trimmed losses after earlier falling about 3 percent or more after Goldman Sachs became the latest bank to cut price forecasts. Brent crude held about 2 percent lower near $47.80 a barrel and WTI crude traded about 1.7 percent lower to above $45 a barrel after earlier falling more than 3 percent.
God bless the fallen, the innocent civilians killed on this day.
God bless their families.
God bless the families of our friends and colleagues that died in the World Trace Center towers. We spoke almost every day on the phone from the trading floor, until everything fell silent that morning. The phones stopped ringing completely. No time-stamps being punched. Everything stopped. Nobody could speak.
The only sound heard was the time-stamp machines clicking as another minute passed. I never knew how loud those were before. They seemed like jackhammers against the silence.
An eerie silence. A silence we could feel, almost touch. A silence I still hear once in a while. A silence that was broken only by the sound of a burst of crying across the room when a co-worker was overtaken with fear and helplessness.
It still seems like yesterday. I can remember everything from that day still. I can even remember the brand and flavor of the coffee in the break room. I haven’t and cannot forget any of it.
You will never be forgotten.
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