Looking Ahead to Wednesday's MarketSeptember 25, 2012 @ 4:40 PM EST
Quick Recap of Tuesday’s Session:
Stocks got crushed on Tuesday as the S&P 500 suffered its worst day in 3 months. Major indices started the day mostly higher and rallied in early trading following some better than expected economic data here in the U.S. However, stocks would sell off hard around 12:30pm EST and proceed to swiftly drop for the remaining duration of the session. The only catalyst to the heavy selling seemed to be protests / riots in Spain over austerity measures. Comments from Philly Fed’s Plosser slamming QE3 could have also contributed. Big names like Apple (AAPL) and Google (GOOG) were hammered in the last hour and a half of trading. The S&P 500 finished at the lows of the day, 22 points off of its intraday high.
S&P 500 -1.05%, NASDAQ -1.36%, DJIA -0.75%, Midcaps -1.56%.
Looking Ahead to Wednesday:
- Overnight we get Retail Sales from Italy.
- Before the bell is CPI from Germany and MBA Mortgage Purchase Applications here in the U.S.
- After the open is New Home Sales at 10:00am EST.
- Tuesday’s selloff was surprising, though you could make the argument that stocks were due for a pullback. Still, the severity of the selloff and the lack of a distinct driver made the move rather unexpected. With most of the QE3 gain erased on the S&P 500 and ramped up volatility for no clear-cut reason, expect Wednesday’s session to be full of surprises, one way or the other.
S&P 500 - Intraday
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S&P 500 - Last 12 Months