Markets: News  

The S&P 500 is currently down 0.6% after finding technical support just above its 50-day moving average (3796). Today's low in the benchmark index was 3806, and it's currently trading at 3852. Still, it's a negative day on Wall Street with declining issues outpacing advancing issues by roughly a 4:1 margin at the NYSE and roughly a 5:1 margin at the Nasdaq. Seven of the 11 S&P 500 sectors are trading in the red, including information technology (-1.3%) and consumer discretionary (-1.7%) with losses over 1.0%.The CBOE Volatility Index has ticked higher by 1.8% to 23.90, which is a relatively small gain given the scope of today's weakness. The VIX peaked at 27.01 today, suggesting that hedging interest has waned amid the recovery attempt in stocks.