NEW YORK — This is shaping up to be the worst day for stocks in three months.
The Dow was down almost 300 points in late trading. The S&P 500 and Nasdaq fell sharply as well. All three indexes have given back the gains they made in July, and the Dow threw in June as bonus.
Heavy selling overseas, driven by worries about Argentina’s latest debt default and more problems with a big Portuguese bank, offset good economic data in the United States released Wednesday.
The VIX, a gauge of market volatility, is up more than 24%.
International markets: European markets fell broadly, with the EuroStoxx 50 index ending the day down 1.7%. Lisbon-listed shares of Banco Espirto Santo, the Portuguese bank whose deteriorating funding situation have brought the spotlight back to Southern Europe’s shaky banks, was down 42%.
Asian markets, outside of strongly performing Chinese stocks, were also lower.
Argentina failed to reach an agreement with bondholders and defaulted late Wednesday. Argentina’s benchmark Merval index plunged more than 6.5%.
Stock movers: Yum Brands, the conglomerate behind KFC, Taco Bell and Pizza Hut, warned that the tainted meat scandal in China could hurt its profits for the year. The stock dropped 5%.
Whole Foods is also hurting. Despite reporting good earnings, the company disappointed on sales and also cut its outlook guidance once again, raising questions about the company’s future direction. Its shares, which have been among the worst performers this year, are down more than 2.5%.
3-D printing stocks are sinking after a poor earnings report from 3D Systems. Its shares dived more than 11% and that put pressure on rivals voxelJet, Stratasys and ExOne, which are all down.
Bright Spots: A few big names are managing to hold up well. T-Mobile was up 6% following reports that French telecom firm Iliad made a buyout offer. Sprint, long considered a potential merger partner, is down 6%.
Business card maker Vistaprint surprised analysts by turning a profit on strong sales, skyrocketing 31%.
World Wrestling Entertainment, after announcing that it was cutting 7% of its workforce, is up 3.5%.
And red-hot grilled chicken IPO El Pollo Loco was up 12% today.
Glu not holding: Glu Mobile developed a wildly popular game based around celebrity Kim Kardashian, but Wall Street isn’t impressed. Even though results beat expectations, the stock is down 17% after announcing that it was buying Cie Games for $100 million.
Impossible is Russia: Adidas, which finished the day down 15% in Germany, is also lowering its guidance, saying that its reducing its Russian footprint by closing stores or delaying new openings. Golf sales are also lower. It joins McDonald’s and Wendy’s in reporting difficulties operating in the country.AlertMe