How’s the Stock Market Doing?

by Avik Roy

As of 8:41 this morning, S&P futures were down 2.1 percent; NASDAQ futures down 2.3 percent. Gold was trading at a record-high of $1,699 per troy ounce. This comment from today’s Wall Street Journal sums it up, I think:

Just as important as the initial market reaction, some said, was what the downgrade fallout may be months from now. “People who say this move doesn’t matter are assuming it stops with Friday’s announcement,” said Jim Bianco, president of Chicago-based Bianco Research. “I’m saying it only began on Friday.”