The Dow Jones is down about 300 points pre open as the big DOW 30 stocks have disappointed. Most of the misses can be attributed to the very strong dollar.
Some of the names that are down due to currency issues (strong dollar) include: PG, DDD, CAT and MMM. PFE also had issues.
MSFT is down almost 10%, but not as much attributed to the dollar but poor XBox and PC action.
Bottom line, the stocks that have strong dollar exposure are getting hurt the most. Some are also being effected by the drop in oil.
It will be interesting to see how healthcare/biotech reacts to this, as they don’t seem to suffer from similar exposures to currency. Right now though, it looks like the typical knee jerk where they are selling everything.
As usual, I recommend not to panic at the open, especially first hour or so as the market finds a level.
See you in the trading room.