Stocks in general ended the session lower, and some late-day action could be a factor for Wednesday’s trading. Major Technology companies like Amazon, Facebook and Alphabet all fell short in the final hour of trading.
The sudden fall of stock was mainly caused by significant events like the former FBI director testifying on the ongoing investigation of President Donald trump’s campaign and its potential ties with Russia. Another factor is the European Central Bank's meeting and British voters polls in a parliamentary election.
A statement from Ari Wald a technical strategist at Oppenheimer, said in a note in an interview this week that a decline in equities has been affecting the stock sectors. Utilities and the Financials are the best example of interest rates that is driving the rotations.
Utilities have been outrun as rates moved lower but will most likely continue its rally as a trade, and financials are expected to move lower as yields decline.
Oil markets are also seen trading in a volatile state. The Energy Information Administration released data for oil and refined products at 10:30 this morning.
The markets have been keep a close eye on headlines about Comey’s testimony as may result to another political dissolution.
There have been conjunctions that ECB week could signal a timing of when it could back away from its easing program, which could impact the euro and bond yields.