(Bloomberg) — The stock market fell as tech came under pressure and a pile of options expiring Friday threatened to trigger sudden price swings.
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Traders also waded through mixed economic data. US services activity picked up marginally early this month to the fastest pace in more than two years while the outlook improved on cooler price pressures and prospects for lower borrowing costs. Sales of existing homes in the US fell for a third straight month in May while prices set another record.
Wall Street is facing a quarterly episode ominously known as “triple witching” in which derivatives contracts tied to stocks, index options and futures are scheduled to mature — compelling traders en masse to roll over their existing positions or to start new ones. About $5.5 trillion are set to expire Friday, according to an estimate from options platform SpotGamma.
The S&P 500 edged lower, with Nvidia Corp. leading…
