US stocks headed lower today as the market lacked new major economic indicators to chew and braced for expected high volumes on the quarterly expiration of futures and options contracts.
AFTER opening with small gains, the Dow Jones Industrial Average fell 55.55 points (0.52 per cent) to 10,723.62.
The Nasdaq composite shed 20.87 points (0.87 per cent) at 2370.41 while the broad-market Standard & Poor's 500 index retreated 7.67 points (0.66 per cent) to 1158.15.
"Traders have little in the way of new information to trade on, ahead of what is expected to be a high volume, 'quadruple-witching' day, where contracts of stock index futures, stock index options, stock options and single stock futures all expire," Charles Schwab & Co analysts said in a client note.
Volume can spike in the final hour as traders scramble to unwind their interest in futures and options.
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Fred Dickson, chief market strategist at DA Davidson & Co, noted an unusual lack of price volatility this week for the major market indices and very light trading volume.
"Normally, price volatility and volume surge going into a major options/futures expiration," he said.
"While nothing is guaranteed, especially during an options expiration week, long-time market observers are expecting an expirations-day rally."
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