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What Happened to the Market?


Choppy, lackluster trade gave way to a broad-based selloff that left stocks to settle at session lows on Tuesday.

The slide also sent the stock market back below its 200-day moving average.

Stocks had attempted to put together a relatively solid start. Early participants seemed to shrug off news that analysts at Standard & Poor's raised their estimates on loan losses for Spain's banking sector.

The early attempt at an advance was undercut by disappointment related to the latest existing home sales figures. Existing home sales for May decreased 2.2% month-over-month to an annualized rate of 5.66 million units, which is less than the expected rate of 6.12 million units per year.

Trade had been largely uninspired for most of the session, but weakness became widespread in the final hour.

Advancing Sectors: (None)

Declining Sectors: Energy (-2.7%), Utilities (-2.5%), Industrials (-2.4%), Materials (-2.2%), Consumer Discretionary (-2.2%), Financials (-1.5%), Consumer Staples (-1.0%), Tech (-0.9%), Health Care (-0.9%), Telecom (-0.6%)