Large-cap information technology shares found few buyers. That's because they most reflect the nervousness in the New York markets.
The prospect of an aggressive U.S. interest rate hike has made high-tech stocks look like a safer haven.
Companies are raising their earnings expectations and we've been hearing news that capital expenditure is on the rise as well.
Investors are concerned about credit risks again, and this is particularly bad news for financially troubled companies because investors used to think public funds would be there to help in the end.
There is no such thing as Chiyoda shock because we've somewhat expected a rise in company failures as a result of Japanese banks' bad-loan write-offs.
The core information technology issues are weighed down because selling by individual investors who bought on margin is waiting to come in on any rally.
New York's return to pre-attack levels on the one-month anniversary of the attacks yesterday was symbolic.
The growth stocks will remain on an uptrend, but some people took to the sidelines ahead of the FOMC.
I'm afraid the selling will continue until Nasdaq settles down, which may take another few weeks. There have been quite a few good earnings results from domestic firms, but their impact on market sentiment has been very limited.