Biggest Dow Drop In 3 Months

As Apple goes sour (-5% from yesterday's highs) and financials flounder (MS -7% this week), the Dow is suffering its largest single-day loss in 3 months (which is relatively stunning given that it is -150pts or only just over 1% on the day). Under the surface though weakness is considerable across asset classes and sectors (as Materials, Financials, and Energy are the laggards).

The Dow is at 2 week lows around 12800 and we note 12678 is both the 50DMA as well as uptrend support from the October lows.

Chart: Bloomberg