NEWS & COMMENTARY

The main U.S. stock indexes tumbled on Thursday, arrested by a backpedaling tech sector that had led an epic recovery from pandemic lows, while Wall Street's "fear gauge" soared and investors bought safe-haven Treasuries, pushing yields down. "The market is being driven by momentum. You couldn't explain the rallies recently because nothing's really changed. This is the market trading back and forth on the lack of good or bad news. Heading into a long weekend here I'm sure there's some positioning squaring going on." said Brian Battle, director of trading at Performance Trust Capital Partners in Chicago.