The markets around the globe are dropping like a rock this morning. The problems in Europe and the European Union are once again emerging. Asian markets were slaughtered in overnight trading. This morning the economic data in the United States was worst than expected with the weekly initial jobless claims number coming in at 408,000. When you put all of this together you get a decline of 27.50 points on the S&P 500 Index e-mini futures (ES U1) to 1162.50 per contract. This is a very ugly start to the day for the bulls.
Many leading stocks are trading lower this morning. All of the European bank stocks are coming under heavy selling pressure. Now we can see how well that European short selling ban has worked for these stocks. Just look at stocks such as Deutche Bank AG (NYSE:DB), Bank of Ireland (NYSE:IRE), and National Bank of Greece SA (NYSE:NBG), these stocks are trading down sharply before the opening bell. Traders and investors must expect increased volatility throughout the trading session in all financial stocks.