For a fourth day in a row, confidence in China’s economy slipped, sending shockwaves through the markets.
For those looking to the markets to bolster their confidence in the New Year, it’s a disappointing day.
To support China’s faltering economy, the country’s central bank cut interest rates and lowered banks’ reserve requirements overnight.
The upside: Sterne Agee CRT analyst Sam Poser said the current stock slide could be a buying opportunity.
The Dow tanked as much as 300 points in pre-market trading as concerns about China’s stock market continue their toll on investor sentiment.
Couple the China economic dilemma with concerns over a Fed rate hike and the result is across-the-board share declines on Wall Street.
While Greece has dominated headlines over the past few weeks, the Chinese stock market’s volatility is a real concern for U.S. footwear brands.