12:06 p.m. Uh oh. The market tried to hold it together this morning but ultimately gravity took hold. The S&P 500 has fallen 0.6% to 2867.99, while the Dow Jones Industrial Average has dropped 165.83 points, or 0.6%, to 26,281.22. The Nasdaq Composite has tumbled 1.2% to 7692.31.
Just quick glimpse at sector performance yells you it's all about risk-off. The S&P 500 Utilities index and the S&P 500 Consumer Staples index are both up 1.2%, while the S&P 500 Information Technology index is off 1.8%.
There is no "news" driving the tech selloff, but tech leadership is clearly breaking down. Tech has underperformed the S&P 500 by 2.9 points during the past four months, and its relative performance against that benchmark has fallen to support.
If it breaks, watch out.