Market indicating Fed won't raise rates in September.

In the course of just a couple of days, things have gotten a lot more complicated for the Federal Reserve. Late last week, when the July jobs numbers came in right around market expectations, expectations surged that the U.S. central bank in September would enact its first rate hike in more than nine years. Now, things have changed.

Darkening global deflation clouds have begun to form while China has moved to devalue its currency just as the Fed apparently was about to strengthen the U.S. dollar. Meanwhile, flatlining productivity at home has caused economists to ruminate over growth that may not be anywhere near the 3 percent aspirations held by the Fed and Wall Street experts. 

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Crude oil prices fell again on Wednesday

Crude oil prices fell again on Wednesday as China allowed its currency to fall sharply for a second day, triggering concerns over the country's economic health just as oil production hit multi-year highs. A lower yuan erodes Chinese purchasing power for dollar-denominated imports like oil, potentially hitting fuel demand. The Chinese yuan continues to weaken for the second day which could suggest further weakening of oil prices, Singapore-based brokerage Phillip Futures said on Wednesday. Get Some Our Popular tips for trading 
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Crude rebounds from 6-yr low amid refinery shutdown, weaker dollar

Energy traders also reacted to continuing builds in U.S. oil rigs from late last week, after oil services firm Baker Hughes  said its weekly rig count for the week that ended on July 31 increased by six to 670. It marked the third consecutive week of such increases. The count among U.S. oil rigs is still down approximately 60% from its high last October when it peaked above 1,600.