U.S. equity markets are down close to 2% as we write this article due to massive uncertainty caused by the China trade war, possible impeachment of POTUS, and a miss on ADP private jobs data,
The ADP Employment Change for the month of September came in at 135k vs a consensus estimate of 140k. This small miss seems to have fueled worries of an economic slowdown.
The Democrats are pushing ahead with their efforts to impeach President Trump, even though the evidence doesn’t support such an effort.
The ISM-NY Business Conditions Index came in at 42.8 vs an estimate of 47.5; the index shows business conditions in the New York area.
Crude oil stocks saw a build of 3.104 million barrels vs an estimate of 1.567M, further spiking slowdown fears.
CD Media has been warning about risk-off coming to the U.S. markets; our fears have become realized.