The SP500 traded to the 50% retracement on the move up and now is trading right at the 38.2%
ConocoPhillips (COP) that it is cutting its dividend.
COP is an oil major. A big part of the shareholder base of oil majors is investors seeking safe high dividends. For boards of oil majors, maintaining dividends has been one of the highest priorities. Even with low oil prices, the consensus has been that there would not be any dividend cuts from oil majors in 2016.
If one punch was not enough, European Union delivered another punch by lowering its growth forecast.
However the SPX is flat so far for today.