Failed Intraday Start and Tech Reversal Drag the Averages Lower as Middle East Peace Prospects Fade

The stock market already started off on a lower note with most averages opening lower. Tech tried to bounce and failed again. SPX/SOX (1M today – normalized) CPI came in better-than-expected, or feared, but it turns out that core CPI’s miss was entirely due to an unexpected drop in the car insurance index, which tumbled…