Broadly, US equities are higher in early...>

EQUITIES: Broadly, US equities are higher in early trade, but the gains are not

broad-based. Shortly following the cash open, the tech sector is outperforming,

with the NASDAQ-100 at a fresh intraday record high, while the Dow Jones nurses

losses of around 0.5% in early trade.

- Reflecting the sector sentiment in Europe, energy, financials and industrials

are the poorest performers with markets dropping cyclicals in favour of

defensives, with tech, utilities, consumer staples and healthcare all higher.

Transport and airline names are among the hardest hit: Norwegian Cruiselines,

United Airlines, American Airlines and others are all hit hard from the off.

- The e-mini S&P was offered at the open but remains in minor positive territory

after the first few minutes of cash trade. 3183.25 remains initial support for

the index, but firm technical support is relatively few and far between until

Fib retracement at 2981.74 and the 200-dma at 3010.47.

- Focus solely on the Fed going forward, with the decision due to cross at

1900BST/1400ET and the press conference with Fed Chair Powell following 30

minutes later.