Stocks headed into the day spooked after the Chinese markets experienced a viscous sell off last night.
The PPI report via the BLS failed to calm down investors. Prices of things we don't need feel .6% which was way above what analysts were expecting.
At the same time, prices surged on food and energy and other commodities. This is going to really start pressuring profits as companies input costs skyrocket.
Meanwhile in the credit markets, bonds are rallying which isn't a surprise given the violent 2 day sell off we say the last two days.
California munis however continue to free fall:
Stocks are down triple digits on the session following the PPI and China.
There are also reports that Ireland will be announcing a statement regarding their financial crisis later today.
Get some popcorn for this one.
Crazy times my friends.