So far, not so good for the stock market.  At this point - almost noon on the dot, New York time - the Dow, Nasdaq, and S&P 500 have all lost over 1.1 percent of their value.

The sort of decent news is that this decline isn’t driven by any one particular development; no bank or automaker decided to close branches or plants that weren’t already doomed, for example.  In fact, Chrysler might exit bankruptcy today, which would be a significant step.

Investors may just be acting cautiously after some of the recent gains we’ve seen.  Or doing a bit of cashing out thanks to the same reason.

Anyway, as for some specifics regarding what happened this morning, the Dow is down 109.43 points, or 1.25 percent.  The Nasdaq’s slid 27.23 points, or 1.47 percent.  And the S&P 500 has kept its decline to 11.22 points, or 1.19 percent.

The one significant event on the immediate horizon is Apple’s developer conference.  The company’s short-term success or failure rests on what sort of products are announced this afternoon, and something on the scale of the first iPod or iPhone could help the economy as a whole.