Major Averages Trading At Session Lows

The major U.S. equity averages are trading at session lows with around 2 hours left in the trading day. The Dow Jones Industrial Average had lost around 66 points at last check and was trading at 11,124. Losses on the S&P and Nasdaq were holding at around 1%, respectively. Given the recent magnitude of market moves, there is a real chance that this sell-off could accelerate into the close. The market is trading much more off of macro headlines and emotion than underlying fundamentals, and this has led to significantly increased volatility. Basic materials stocks are leading things to the downside, losing almost 3% on the session. All of the major sectors are currently in negative territory and it is likely that the downside momentum will continue.