Stocks are edging lower this morning as the S&P 500 remains trapped near multiyear highs.
Futures on the benchmark index are down fell by almost half a percent, following similar losses in Europe, with the declines accelerating in the last hour. Asian indexes were mostly higher in the overnight session, with continued strength in mainland China and Japan.
The S&P 500 is vying with the same 1470 area, where it peaked in September, which was then its highest level since late 2007. It’s been ascending as worries about political risk in the United States and Europe fades, while the promise of economic growth improves.
Investors are currently bracing for another corporate-earnings season, which today will bring results from homebuilder Lennar. Later in the week, major financials including Goldman Sachs, JP Morgan, Citigroup, and Bank of America will follow.
— Option Monster