Nasdaq, S&P Turn Red

The U.S. stock market is seeing some selling pressure in recent minutes, driving both the Nasdaq Composite and S&P 500 into the red. At last check, the S&P was down nearly a point and the Nasdaq had shed nearly 6 points after spending much of the day in positive territory. The Dow Jones Industrial Average was hanging onto an 11 point gain. The worst performing sectors on the day have been technology, consumer cyclicals, and basic materials, indicating that investors are wary of taking on risk. A deeper sell-off could materialize heading into the close as investors continue to rotate out of risky stocks and sectors in favor of more defensive names. The VIX, a widely watched measure of market fear, was last sitting at 22.00, a gain of just 0.14% on the day. If the selling continues in to the final hour of trade, look for a decisive break of this 22.00 level in the VIX.