The S&P 500 is down 9 points to 1991 and is now slightly lower on the week.

Here’s why:

  1. The market is pricing in a fresh round of Russian sanctions after the escalation of the conflict in Eastern Ukraine
  2. The GDP report also showed higher inflation and better growth, something that could prompt the Fed to hike rates sooner
  3. Some month-end profit taking is underway with the S&P 500 up 3.1% mtd