Market Insider

Why stocks could stay under pressure

Stocks could continue to be rocked as negative undercurrents converge ahead of quarter-end, and a decline that started in momentum names looks set to spread to the broader market.

Traders have been particularly watching breakdowns in some high-flying names that have been pounded in recent sessions. The iShares Nasdaq Biotech ETF slumped another 1.8 percent Wednesday, giving it a decline of nearly 10 percent in just a week.

Some favorite momentum stocks are down double digits since the early March highs. Netflix is off 16 percent; Priceline, 13 percent; Pandora is down 21 percent; and Facebook is down about 12 percent.