The S&P 500 has fallen to unchanged at 1879 after rising as high as 1889.

At the highs of the day the index was just 8 points from the April record high but the inability to hang on underscores the vulnerability of stocks.

SP 500

S&P 500

Traders are beginning to question the strength of the economy. The WSJ just finished a survey of Q2 US growth and the consensus is 3.3%, which isn’t bad but it will come on the heels of a quarter of flat growth.

It means growth will be around 1.5-1.6% in the first half of the year — a year that was supposed to solidify the recovery.

USD/JPY is near the lows of the day at 101.50.