Stocks are sharply lower in early trading on the heels of some weak economic data. The September retail sales report showed a decline of -1.2% (vs. -0.7% consensus), as consumers reigned in purchases amid the economic turmoil.
The NY Manufacturing Index plunged in October, hitting -24.6 (vs. -10.0 consensus). And the latest PPI report showed inflation fell -0.4% last month, helped by easing commodity prices.
Commodity prices are lower again this morning, aided by a bounce in the dollar, but also on concerns that demand growth in China is slowing further. Oil is trading down to $75, its lowest level since August 2007.
Credit market angst is easing a bit more today, with dollar libor rates (the rates that banks charge each other for short-term loans) falling modestly. But T-bill rates are also lower, as investors continue to look for the safest securities to own.
The 10-year yield is higher at 4.07%. And the VIX is up +10.6% currently near 61.
There were a handful of companies that reported earnings in the last 24 hours that were better than expected, and their stocks are bucking today's weakness. These include: JPMoran (JPM), Schwab (SCHW), Coke (KO), Intel (INTC), Abbot Labs (ABT), and Hudson City Bancorp (HCBK). Apple (AAPL) is also higher after introducing a refreshed Mac lineup yesterday.
