China's Shanghai Composite Index plunged more than 6% and other Asian markets also declined as investors appear to show a delayed reaction to news that China's market regulator would allow market forces to play a greater role in determining stock prices. It was the biggest decline for index in 3 weeks. Home Depot (HD) is out with earnings and that came in right on target at $1.71 a share. Revenue at the home improvement retailer was better than expected. Home Depot is also raising its profit and sales forecast for 2015. American Apparel (APP) is warning that it may go out of business. It said that is business and cash position have deteriorated so badly that it's not sure it can stay in business. American Apparel shares have fallen 87% this year. Housing Starts for July are reported today. Wabash National (WNC) meets with investors and Patriot Coal seeks approval of its bankruptcy plan.
More from Video
How quickly do we find support, is what we'll want to know now, as the correction is occurring while economic optimism builds.
Despite the president's promise of no stimulus until after Nov. 3, there are no signs yet that this is the sort of correlated selling that leads to a deep correction.
Salesforce, Amgen and Honeywell will give a lift to the DJIA going forward.
CAG has hung onto the bulk of its recent gains, and could rise to the $50 area, according to the charts and indicators.