Argentina is pressuring emerging markets, the MSCI Argentina ETF, ARGT, is down 7.20% after Argentina’s central bank raised its benchmark interest rate to prop up the country’s currency, the Argentina peso.  The central bank raised its interest rate 15 basis points to 60% and pledged not to cut rates before December in an effort to attract capital.  The peso has fallen following a request by Argentina’s president, Mauricio Macri, to the International Monetary Fund (IMF) to speed up the payout of a $50 billion bailout package.  

Emerging market turmoil has investors flocking to the safe-haven U.S. dollar. 

• MSCI Emerging Market ETF, EEM, is down 2.35%
• MSCI Turkey ETF, TUR, is down 4.39%
• MSCI Brazil ETF, EWZ, is lower by 3.38%
• MSCI S. Africa ETF, EZA is lower by 6.17%

After four days of record-setting trade, equities are taking a breather.  A strong US dollar and weak emerging markets have equities on the defense.   FAANG stocks are keeping losses in check, as all but Alphabet (GOOG) are trading higher by more than 1%.  Metals and mining are lagging as the strong dollar weights on gold and copper.  The Metals and Mining ETF, XME, is lower by 2.10%  

Breadth:

• NYSE advances 1,011 to declines 1,878; new 52-week highs 85 to new lows 52

• Nasdaq 1,351 advances to declines 1,510; new 52-week highs 105 to new lows 33