S&P 500 futures drop 51 points, NYSE invokes rule 48

By FXStreet FXStreet (Mumbai) – At the time of writing, the S&P 500 futures are indicating the index is trading lower by 51 points as markets across the globe turned risk averse after weak Chinese data renewed concerns regarding the slowdown in the world’s second largest economy.

The futures are currently down 2.55% at 1919 levels. The final China PMI released earlier today continued to show a contraction in the manufacturing sector. The weak data brought back concerns of a slowdown in China and the world economy in focus.

Rule 48 invoked

The New York Stock Exchange invoked Rule 48 for a third straight session, after implementing the rule for the three trading sessions last week in order to ease market volatility.

As per the CNBC report, “Rule 48 speeds up the opening by suspending the requirement that stock prices be announced at the market open. Those prices have to be approved by stock market floor managers before trading actually begins. Without that approval, stock trading can begin sooner.”
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Source:: FX Street