{+++} The market slid today as European worries kicked in again. The euro broke its 200 day moving average as a result. Equities began the day amid broad strength, which brought the benchmark average within a point of a record high close. The morning gains came about after Cyprus and the Eurogroup agreed on the terms of a rescue package for the island nation.
The early strength did not hold past the opening hour as the S&P 500 began slipping towards fresh session lows. That slide accelerated when the Dutch Finance Minister and Eurogroup head gave an interview to Reuters in which he explained how the Cypriot bank restructuring may be used as a template for future bailout talks.
The comments had an immediate impact on equities with Italian bank stocks feeling the brunt of the headline-driven selling.
Tomorrow, February durable goods orders and durable orders ex-transportation will be released at 8:30 ET. The January Case-Shiller 20-city Index is set to follow at 9:00 ET while February new home sales and March consumer confidence will both be reported at 10:00 ET.The U.S. Treasury will auction off $35 billion in 2-yr notes.
We had two stocks trigger from last night: ASTX and VRTX
Have a great night and I’ll see you in the morning.