Stocks Edge Off Solid Start

The e-mini S&P held the bulk of the late Tuesday gains throughout the European morning, but equities were sold in US hours to push prices through yesterday's low. Price action was muted, however, with markets taking little cue from the poorer-than-expected ISM Services and ADP Employment change data.

• Utilities and tech names led the declines, with energy and financials holding higher.
• The VIX index saw some supported as equities ebbed lower, but remains well inside the recent range.
• In Europe, performance was more positive, with mainland indices registering gains of 0.1-0.9%. Laggards were peripheral European indices including Italy and Spain, after BBG reported that the ECB see no need to take drastic action on yields at current levels.