Stocks Fall Before Holiday

Equities are falling before a shortened trading session today and a holiday tomorrow.

S&P 500 futures are down half a percent, while Europe is lower by 1 percent to 2 percent after two Portuguese cabinet ministers resigned. That raised fears that the country could face sudden elections and derail reforms. Most Asian indexes also fell in the overnight session, led by a 2.5 percent drop in Hong Kong as Chinese economic data continued to disappoint. This time the country’s service-sector purchasing managers index missed expectations, falling to its lowest level in nine months.

The market has been churning in a range for more than a month after ripping to new all-time highs in early May. While economic prospects have been brightening in developed countries such as the United States and Japan, emerging markets have lagged and continue to draw bearish options bets.

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