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Fear is Back in the Market, Chinese Stocks Get Slammed Again

Chinese stocks sold off overnight.
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Chinese stocks sold off overnight. The Shanghai Composite Index fell 6.4% and to the lowest level since December 2014. Other Asian markets stumbled as well. Japan's Nikkei and the Hong Kong Hang Sang lost more than 2%. Apple (AAPL) reports quarterly results after the closing bell today. Analysts across the board believe iPhone sales are starting to slow and that could lead the iPhone business to be negative for the first time since the device was introduced. The Federal Reserve begins a 2-day meeting today, facing a much darker global economy than when the Central Bank last met in December. It is widely expected the Federal Reserve Governors will make no changes to interest rate policy at this meeting. The S&P Case-Shiller Home Price Index for November is released. Consumer Confidence could have been damaged by the stock market volatility so far this year. The interim CEO of Valeant Pharmaceuticals (VRX) will testify before Congress today on drug prices.

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