It is a domino effect of negative news.
More Quotes from Marc Pado:
This morning stocks are looking to start the day slightly lower.Marc Pado
The good jobs report bought the bulls a reprieve, and now it is up to earnings to carry the torch. We're still heading right into the seasonally weak February and March months in a bearish midterm election year with rates rising and oil prices rallying. Januaries tend to start strong, but it is how they finish that matters.
Marc Pado
It will take some strong earnings and bullish forecasts, as well as positive economic data, to keep the rally going. There are plenty of economic data and earnings releases to sway market opinion from hour to hour and day to day. Behind it all, there is the rising threat of geopolitical tensions with Iran and higher interest rates out of the Federal Reserve.
Marc Pado
These were reassuring statements by the Fed, ... I think what the market ultimately fears is inflation. What makes assets worth less in the long run is inflation. What the Fed is effectively saying is, 'We won't let prices get out of control.'
Marc Pado
There was so much expectation built in for the stock ... I think that the expectations were about as high as they could get for it. I think it was a case of buy on the rumor and sell on the news.
Marc Pado
From now on, strong economic numbers threaten another rate hike. Weak numbers point to profit disappointments. What the bull market needs is a catalyst, which would likely need to be a break in energy and basic materials prices.
Marc Pado
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