S&P 500 At Session Lows

In afternoon trading on Thursday, the S&P 500 is sitting at new session lows. On the day, the S&P has now lost more than 18 points while the Dow Jones Industrial Average was down more than 170 points. The Nasdaq has been the biggest loser among the major averages, falling nearly 2%. Continued fears over Europe, with European banks getting hit particularly hard, and some possible market disappointment about the Supreme Court's ruling to uphold most of Obamacare, has been the catalyst for the sell-off. All of the major sectors were trading lower on the day, led by technology, financials, healthcare and basic materials. Heading into the last hour of trade, a more significant sell-off is a possibility. As volume picks up near the close, the chance for an accelerated downtrend increases. One technical area that traders may want to keep an eye on is the 1,300 level in S&P 500 futures. At last check, the futures were at 1,308. A more dramatic sell-off near the close of trading could lead to a test of 1,300 in the futures.