The Dow sank 300 points today, or 2.6 percent, more than reversing the bullish start to the holiday week.
Miller Tabak strategist Peter Boockvar says investors finally wised up that the recent drop in oil prices is really not a reason to celebrate. "Over the last week, we've seen the flip side of the coin for lower oil prices. Lower oil is great, and it puts money in people's pockets, but people finally woke up and realized this is happening in the context of slowing global growth."
He says a week's worth of bad news is finally sinking in, including:
Dell (DELL), the No. 2 computer maker, fell the most it has in eight years on August 29 after it missed earnings estimates. The company has been forced to slash prices.
Terex (TEX), a machinery maker, slumped 20 percent today on news that U.S. and European demand for its construction equipment is weak.
Glassmaker Corning (GLW) warned Wednesday that lower demand for glass used in flat screens and monitors would hurt Q3 results. Shares fell 10 percent.
Plus, retail sales figures released Thursday were roundly weak, with the exception of Wal-Mart. Weak jobs numbers didn't help, either.
Keep an eye out for Friday's monthly national employment report to see if we end the week further in the red.
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