The market is under pressure from a series of news.

Healthcare stocks have been hammered as Medicare advantage rate falls short of Wall Street Expectations.

Apparel stocks are taking it on the chin after PVH Corp. (PVH) laid an egg with its earnings results last night (-24%).

Higher gasoline prices are hurting Consumer Discretionary names like cruise ship operators

Speaking of higher gasoline, bond yields continue to move higher with the ten-year gapping above a key resistance point.

Technically, the next level could be toward the gap at 4.70%.

Economic Data

Factory orders came in higher than expected and that also nudged the goalpost a bit, moving Fed rate cuts out. 

Despite the early swoon, the selling has been orderly; although, once a specific stock is out of favor the hammer comes down hard and fast.