Stocks didn’t “yuan” to hear about it today. China’s devaluation of its currency jolted global markets, hitting stocks and commodities and boosting government bonds, as well as fueling worry about slowing growth from one of the world’s biggest importers of raw materials.
The Dow fell 1.2% to 17402.84, erasing most of the previous session’s gains. The S&P 500 fell 1% to 2084.07. The Nasdaq fell 1.3% to 5036.79.
Crude oil is about $1 away from the March lows of $43. It will be interesting to see if that catches a bounce at support or crashes lower.