The Traderszone Network

Major averages ended mixed Monday but the Nasdaq continued to sell off into the close. The Nasdaq slumped 1.1%, while the S&P 500 fell less than 0.1% and the Dow bucked the downdraft with a 0.3% gain. Volume ran higher on the Nasdaq but lower on the NYSE, according to preliminary data. The Empire State factory survey for September came in well above forecasts and at its highest level in nearly five years.

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The e-commerce giant had previously said in a filing its IPO price would be in the range of $60 to $66 per share.

Today’s financial recap and tomorrow’s financial outlook.

The Federal Reserve kicks off its all-important policy meeting Tuesday. The central bank is expected to continue paring back its massive bond-buying program, though, analysts don’t see a rate hike in the near future.

About 47 percent of stocks in the Nasdaq Composite Index are down at least 20 percent from their peak in the last 12 months while more than 40 percent have fallen that much in the Russell 2000 Index and the Bloomberg IPO Index.

Chekc out the updated trade-in policies from mobile carriers and trade-in sites
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It appears today’s weakness in stocks (most notably high-beta momo) and bonds (HY credit weakness) was triggered by two “ma”s – grandma Yellen and grand-poohbah BABA’s Ma. Hawkish FOMC concerns took the shine off HY credit (and stocks) but Treasury bonds rallied modestly (5Y -3bps, 10Y -2bps).

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