(As of 7:30 am PST)
US stocks are falling in early trading after the prior
session’s sell-off which saw the Nasdaq record its worst day of the year. Disappointing earnings results from JP Morgan Chase weighed on sentiment early. Losses
were kept in check momentarily after a positive report showed consumer
sentiment rose more than expected in April. Since then markets have accelerated to the
downside. Biotech and tech names are
seeing the steepest selling as investors believe those sectors have
overextended in the recent run up and some profit taking is in order. Asian and European markets followed
yesterdays selloff on Wall St. with steep losses of their own. It looks like another dismal day is shaping
up as we head into the weekend and a holiday shortened week next week.
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