It didn't really come as a surprise -- but, having said that, the broader thought process that the economy isn't doing well in the second half compared with the first half has investors concerned that we may need to test the lows of the market again.
More Quotes from Art Hogan:
We celebrated the fact that (the Fed) was much less stern on their rhetoric yesterday (Wednesday), but today the party is over and a slower economy may have an adverse effect on earnings,Art Hogan
All the economic data is pointing to a slowdown, ... It's falling more than we expected and that's not good for earnings. Uncertain times have caused money to move to the sidelines.
Art Hogan
The company being such a marquee name, it may hurt other tech shares and push the Nasdaq down.
Art Hogan
We've got more ongoing focus on the bond yields. We've been in lockstep with it all week, and today is no different. There aren't any market-moving items due today, so we'll look at energy prices today for something else to drive the market.
Art Hogan
The retail stores are doing well. Consumers remain confident, continue to be out there spending their money, ... A lot of money was created with lower interest rates and refinancing -- things of that nature. So, consumer confidence has stayed very high and retail stores, that have actually done it right, have been doing pretty well.
Art Hogan
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