US stocks are expected to fall more than 1% at the open

S&P 500 futures are down 44 points, or 1.1%. The index was choppy yesterday before ending down just 0.1%.

It should be noted for the rest of the week that the index is down 20% so far this year. The worst first half in its history dates back to 1970, when it fell 21.01%.

If today’s open holds, it will be up to tomorrow’s trade whether it breaks.

The laggards today are the chipmakers after the Bank of America downgrades.

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