GO
Loading...

Stocks slide for second day amid Syria concerns

Getty Images

Tough morning. Crude oil jumped to a six-week high on word from Defense Secretary Chuck Hagel that the U.S. military was ready to act if President Obama ordered action over chemical weapons in Syria.

India, Philippines, Indonesia, and Thailand all closed down three to four percent. European bourses are down about two percent.

Despite all the worry over Syria, yesterday was the lightest full-day volume of the year for the NYSE consolidated tape. That could change, but the opening volume was light. Right now there is a lack of buyer interest, not a selling frenzy, that is moving the markets.

Still, Syria now adds to a list of uncertainties:

  1. the extent and timing of Federal Reserve tapering;
  2. the U.S. debt ceiling expiration (now in mid-October);
  3. Fed Chairman Ben Bernanke's successor (our John Harwood reporting Larry Summers is in the lead);
  4. the potential collapse of the Italian government; and
  5. the German elections in the third week of September


Elsewhere:

1) What's up with gold? More to do with the Indian rupee than with Syria. Gold up two percent today, and while it's easy to cite "Syria" as the cause, look a little deeper. Gold has been rallying since bottoming in late June, when the Indian rupee began getting crushed. Indians are the biggest buyers of gold in the world. A weak rupee makes it more expensive to buy gold.

The rupee got crushed again today, down about three percent against the dollar. India's Lower House of Parliament approved a $20 billion plan to provide cheap grain for the poor. The bill has prompted concerns that it will add to India's fiscal deficit.

2) Home prices rose double digits for a fourth straight month in June, according S&P/Case-Shiller data. Prices have been climbing on the back of the housing recovery. During the previous housing boom, home prices gained double digits for 45 consecutive months from August 2002 to April 2006.

3) Retail accessories stay strong. Watchmaker Movado (MOV) had terrific earnings and is at a historic high after raising 2014 earnings; Tiffany (TIF)also beat and raised its 2014 guidance on strong sales in Asia-Pacific, which were up 20 percent with especially strong sales in Greater China, which includes Hong Kong.

By CNBC's Bob Pisani

Font
font-family
font-size
font-style
font-variant
font-weight
letter-spacing
line-height
text-decoration
text-align
text-indent
text-transform
white-space
word-spacing
color
Background
bg-attachment
bg-color
bg-image
bg-position
bg-repeat
Box
width
height
border-top
border-right
border-bottom
border-left
margin
padding
max-height
min-height
max-width
min-width
outline-color
outline-style
outline-width
Positioning
position
top
bottom
right
left
float
display
clear
z-index
List
list-style-image
list-style-type
list-style-position
Table
vertical-align
border-collapse
border-spacing
caption-side
empty-cells
table-layout
Effects
text-shadow
-webkit-box-shadow
border-radius
Other
overflow
cursor
visibility
Font
font-family
font-size
font-style
font-variant
font-weight
letter-spacing
line-height
text-decoration
text-align
text-indent
text-transform
white-space
word-spacing
color
Background
bg-attachment
bg-color
bg-image
bg-position
bg-repeat
Box
width
height
border-top
border-right
border-bottom
border-left
margin
padding
max-height
min-height
max-width
min-width
outline-color
outline-style
outline-width
Positioning
position
top
bottom
right
left
float
display
clear
z-index
List
list-style-image
list-style-type
list-style-position
Table
vertical-align
border-collapse
border-spacing
caption-side
empty-cells
table-layout
Effects
text-shadow
-webkit-box-shadow
border-radius
Other
overflow
cursor
visibility
Font
font-family
font-size
font-style
font-variant
font-weight
letter-spacing
line-height
text-decoration
text-align
text-indent
text-transform
white-space
word-spacing
color
Background
bg-attachment
bg-color
bg-image
bg-position
bg-repeat
Box
width
height
border-top
border-right
border-bottom
border-left
margin
padding
max-height
min-height
max-width
min-width
outline-color
outline-style
outline-width
Positioning
position
top
bottom
right
left
float
display
clear
z-index
List
list-style-image
list-style-type
list-style-position
Table
vertical-align
border-collapse
border-spacing
caption-side
empty-cells
table-layout
Effects
text-shadow
-webkit-box-shadow
border-radius
Other
overflow
cursor
visibility
Symbol
Price
 
Change
%Change
OIL
---
GOLD
---
MOV
---
TIF
---

Featured

  • A CNBC reporter since 1990, Bob Pisani covers Wall Street from the floor of the New York Stock Exchange.

Wall Street