(As of 7:25 am PST)
The stock market added to selling pressure seen Friday as
momentum tech stocks led the decline.
With little economic data to trade on, investors remained cautious after
Friday’s selloff which saw the tech-heavy Nasdaq record one of its worst days
of the year. Momentum stocks such as
Facebook, Amazon, and Tesla took the brunt of the selling Friday and have come
back slightly today. Tensions in Ukraine
flared up again adding to today’s caution.
Russian equities traded broadly lower.
Asian markets finished lower and European markets are headed towards a
down day. The data calendar is light
this week with markets eyeing Wednesday’s release of minutes from the most
recent Fed policy meeting. Markets are
also rearing up for the start of earnings season with analyst forecasts coming
in less than exuberant. Gold and oil are lower today as are interest rates as
investors sought the safe-haven treasury.
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