Surely just a coincidence, but this coming Monday marks the 39-year anniversary of the Black Monday, October 19, 1987, stock market crash, when the S&P 500 plunged more than 20%.
That makes today the 39-year anniversary of the Friday before the 1987 crash. While not nearly as dramatic as the S&P 500’s 5% decline 39 years ago, the Nasdaq fell 2.15% today.
Alongside, the volatility index (VIX) — often referred to as the “fear gauge” — soared 22%.
Rumors were flying of someone or some group getting blown out of their positions, but nothing’s been confirmed just yet.
Bitcoin is off of its lows, but still down 1% over the past 24 hours at $81,500.
The Nasdaq is at session lows a bit less than 90 minutes before the close of trading for the week, down 2.3%. The S&P 500 is down 1.25%.
What was a modestly negative day appears to have turned into a rout as oil prices quickly jumped about $3 per barrel over the past couple of hours. WTI crude is now up 3.8% to $101.70.
Government bonds — which benefitted earlier this week as money flowed into fixed income alongside declining stocks — aren’t seeing a bid today. The 10-year Treasury yield is near the day’s high at 5.112%.
After initially declining alongside stocks earlier on Friday, bitcoin is attempting to stabilize as equities add to losses this afternoon. It’s currently at $81,350, down 1% over the past 24 hours.
Rising slowly at first, the price of oil is headed straight up over the past few minutes, with WTI crude now up more than 3% on the day to a one-month high of $101 per barrel.
There are reports that Saudi Arabia’s East-West oil pipeline has been targeted in an attack.
U.S. government bond yields are responding; the 10-year Treasury is now higher by 3.5 basis points to 5.125% after earlier dipping to 5.07%.
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