With a still-powerful "buy the dip" instinct in stocks, U.S. markets are having a rare bout of jitters about a slowing economy - with Treasury yields, the dollar and oil prices all swooning over the past 24 hours.
While an economic stumble at this stage could be a double-edged sword for near-record high stocks - twinning the earnings implications with the higher chance of lower Federal Reserve rates - the push-pull could continue up to this week's key employment report at least.S&P500 futures are back in the red ahead of Tuesday's open, with stock losses across most of Asia and Europe today too.
Both driven by and feeding off a post-OPEC slide in crude oil prices - itself a casualty of the manufacturing anxiety - 10-year Treasury yields fell back to their lowest in almost three weeks. Oil prices snowballed further on Tuesday to their lowest since Feb. 6 - bringing year-on-year gains back below 2% for the first time in three months.
But the real hit was to Indian stocks, which tanked more than 8% in the biggest loss in more than four years - after hopes on Monday of major reforms and spending in the event of a two-thirds majority parliamentary were doused and knocked the market back from record highs.
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