A distinct change to the negative in tone tonight in Bloomberg headlines:
July 31 (Bloomberg) -- Bear Stearns Cos., manager of two hedge funds that collapsed last month, halted redemptions from a third fund after investors demanded their money back.
Aug. 1 (Bloomberg) -- The yen gained, after posting its biggest monthly advance in more than a year against the euro, on concern that losses from U.S. subprime mortgages will push investors to pare riskier investments funded by loans in Japan.
July 31 (Bloomberg) -- On Wall Street, Bear Stearns Cos., Lehman Brothers Holdings Inc., Merrill Lynch & Co. and Goldman Sachs Group Inc., are as good as junk.
July 31 (Bloomberg) -- Jeremy Grantham, the money manager who oversees $150 billion as chairman of Grantham, Mayo, Van Otterloo & Co. LLC, said credit-market declines may force as many as half of all hedge funds to close in the next five years.
These are just some of the lead paragraphs of negative news stories much of it appearing late this afternoon. Markets are already showing nervousness in the thin overnight trade.