Given continued strong jobs numbers and recently released minutes from the Fed indicating a stronger inclination toward future rate hikes, the yield on 2-year U.S. Treasuries jumped to 2.907% earlier in the day, the highest level since 2008. This in turn caused Asian markets to continue taking a beating amidst an atmosphere of persistently rising interest rates. The S&P 500 index for U.S. equities fell by a lesser amount, losing a little over 1% of its value.

CNBC: “Rates retreat as investors seek safety amid Draghi comments, equity sell-off” (U.S. two-year Treasury yield hits high of 2.907 percent earlier in the day, its highest level since June 25, 2008.)
CNBC: “China’s stock market is getting pummeled and history shows that is bad news for US markets”
CNBC: “Asian stocks slip; China leads losses”
CNBC: “US weekly jobless claims fall, while continuing claims drop to the lowest level since 1973”
CNBC: “Oil plunges 11% in just 2 weeks, shrugging off Iran sanctions and Saudi tension”
CNBC: “Goldman CEO Solomon says part of October’s market sell-off driven by programmatic trading”
Politico: “Trump’s professed ignorance on Khashoggi belies world-class intelligence team“