Worse-than-expected data on factor orders (orders rose just 0.7 percent in April when analysts had called for a 0.9 percent increase) and services industry triggered a sell-off in stocks following 4 weeks of gain. There was also profit booking transaction that move the market.
Keep a close eye on any rise in Treasury yields and a sign of weakness in dollar
On Tuesday stocks extended a rally into a fourth day following an unexpectedly big spike in pending home sales, the latest sign that the battered housing market is starting to turn around.
U.S. stocks slipped early Wednesday as new jobs data beat expectations but neverthelesss showed a continued hemorrhage of jobs in the U.S. economy.