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It's Correction Time

Russia's RTS Index was the first global index to hit the correction stage (down 23 percent since hitting its recent high on June 2nd), but now the MSCI Emerging Markets Index (EEM in its ETF form) is also down double-digits since hitting its recent high on June 1st.

Country stock markets (since June highs)

    • Russia down 23 percent
    • Emerging Markets down 12 percent
    • Germany down 9 percent
    • U.S. down 7 percent
    • U.K. down 6 percent
    • France down 8 percent
    • Japan down 6 percent
    • Hong Kong down 8 percent

Some commodities are also down down double digits from their highs of a couple weeks ago, despite a modest rise this morning.

Commodities (from recent highs)

    • Copper down 11 percent
    • Gasoline down 11 percent
    • Oil down 7 percent
    • Gold down 7 percent
    • Aluminum down 6 percent

Elsewhere:

1) UBS up 6 percent pre-open after the New York Times said the U.S. Justice Department may drop its efforts to force the Swiss bank to reveal the names of all 52,000 U.S. clients suspected of tax invasion.

2) Shares of medical device maker Boston Scientific rise 7 percent pre-open after announcing positive results from its heart device study. The study shows that the resynchronization therapy defibrillator devices, which are co-manufactured by Boston Scientific.

Medtronic, and St. Jude are also trading up because they make competing products.

3) Citing poor sales during the weak economy, chip designer Rambus trades down 9 percent pre-open after slashing its Q2 revenue guidance to $26.7 million-$27.2 million from $27 million-$30 million. The new outlook also falls short of analyst estimates of $27.3 million.

Concurrently, Rambus announced it was offering $150 million in senior notes.

4) Kroger is up slightly as it beat earnings and reaffirmed their full year guidance.

  • Moody's: US Rating Safe but Depends on Debt, Dollar
  • Treasury to Start Huge Auction As Jitters Persist in the Market
  • Fed Is Facing Tough Decision On What to Say About Inflation

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Questions? Comments? tradertalk@cnbc.com

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

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