NewsWare's Trade Talk: Monday, August 5

S&P Futures are seeing an aggressive move lower this morning with futures falling near 3%. Japan's Nikkei index suffered a more than 12% decline on the day, setting the stage for a significant reset of global equity prices. Comparisons to the 1987 meltdown are unwarranted as that correction came with a unique issue of market quotes being the markets by hours. There is no near-term catalyst this week which will pull the market out of its current slide, consumer staples and healthcare stocks typically perform best during market selloffs. Continuing concerns on Friday's jobs data, recession fears, along with comments that the Fed is behind the curve are often mentioned this morning. In Europe, markets are off by more than 2%. Oil prices are falling as demand concerns weigh significantly on prices this morning.