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The 1 Percent Move

An update from Morgan Stanley

The S&P 500 declined 1.8 percent Wednesday to close at 4,226. With today's sell-off, the index is now down 11.3 percent year-to-date.

U.S. equities dropped for the fourth consecutive session as markets remain on edge over continued geopolitical tensions between Russia and Ukraine. On Tuesday, the U.S. unveiled sanctions against Russia following the latter's recent escalation in tensions with Ukraine. On Wednesday, the U.S. announced further sanctions that appeared to spark another sharp move lower in equities in the middle of the session. However, similar to Tuesday's trading action, while equities sold off broadly, interest rates actually moved higher across the curve.

Ten of the 11 S&P 500 sectors were lower on the session, with Energy (+1.0 percent) the lone positive sector. Information Technology (-2.6 percent) and Consumer Discretionary (-3.4 percent) lagged the broader market.

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