WTI crude oil is down this morning ($45/barrel) following an International Energy Agency report that suggested the global supply and demand imbalance may take longer.

For the first time in history, the S&P 500 moved on Friday from within a 0.5% of a new high one day (Thursday) to a new two-month low the next day (Friday).

Since the post-Brexit vote volatility, the S&P 500 has gone 51 straight days without a 1% drop. We are willing to guess no one (LPL Research included).

U.S. equities are following overseas markets lower this morning as traders focus on a slate of Federal Reserve Bank (Fed) speakers ahead of next week’s policy meeting.

Expectations for a hike at the September Federal Open Market Committee (FOMC) meeting have fallen from 34% to 24% over the past week.