The S&P 500 erased all year-to-date gains as stock losses deepened. A selloff in crude oil and continued worries over the Federal Reserve's rate hike plans kept stocks under pressure. Hyatt (H) fell after Bank of America downgraded its stock to NEUTRAL from BUY. Analysts said the hotels sector was under pressure from home-sharing startups such as Airbnb. Hilton Worldwide (HLT) was also downgraded. Teen retailer American Eagle Outfitters (AEO) reported a better-than-expected first quarter as digital traffic drove a seven percent sales increase. Its namesake brand, which generates the most sales, saw a four percent increase in comparable store sales. Urban Outfitters (URBN) also bucked the downward trend in retail, reporting a three percent increase in quarterly sales.
More from Video
How quickly do we find support, is what we'll want to know now, as the correction is occurring while economic optimism builds.
Despite the president's promise of no stimulus until after Nov. 3, there are no signs yet that this is the sort of correlated selling that leads to a deep correction.
Salesforce, Amgen and Honeywell will give a lift to the DJIA going forward.
CAG has hung onto the bulk of its recent gains, and could rise to the $50 area, according to the charts and indicators.