Today’s pullback is broad, and all market segments are moving lower. Consumer Defensive and Utilities stocks outperform as traders search for safe-haven assets.
The sell-off is led by tech stocks. These stocks showed strong performance in recent trading sessions so it’s not surprising to see that traders want to take some money off the table ahead of the Fed decision, which will be released on Wednesday.
From the technical point of view, S&P 500 failed to settle above the important resistance level at 4100. Most likely, S&P 500 will not be able to get above the key resistance ahead of the Fed decision.
Dow Jones is also moving lower today. The pullback is led by Johnson & Johnson stock, which is down by more than 3% as the court ruled that the company could not use the bankruptcy of its unit to resolve talc lawsuits.
For a look at all of today’s economic events, check out our economic calendar.