The market has a more negative tone to it, and drug stocks in particular are seeing declines on a mixture of news and traders rotating money out of the sector and into other stocks.

Since it's broken through that, that sets a negative tone for the market.

Negative sentiment has basically led to across-the-board declines, very few stocks have escaped unscathed.

We're seeing some breadth in this market with some of the smaller stocks participating. We've had some big gains in some of the tech names. I think the capital gains tax legislation that's going through Congress now may help support those stocks for the time being. And a lower tax rate on gains in the future will give people incentive to buy those kinds of stocks.

Market sentiment is a bit negative now, but I'm a long- term bull when it comes to Japanese stocks. Getting away from zero rates will enable monetary policy to return to normal and shows the economy is finally back on track.

Profit-taking in many China stocks ... drove the market as well as H-shares into negative territory.