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A sudden flurry of selling has sent the Dow and S&P 500 into negative territory, where they now trade with modest losses. The Nasdaq has paused near the neutral line.
Selling has really intensified around the materials sector, which had already lagged the broader market, but is now down 1.2% to trade at a new session low. Steel play Nucor (NUE 45.14, -1.36) has been dumped, despite better-than-expected earnings. The stock had rallied 3.5% yesterday, ahead of its quarterly report this morning. Fellow steel plays U.S. Steel (X 58.00, -1.48) and Steel Dynamics (STLD 18.28, -0.75) have been imbued by the weakness in shares of NUE.
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