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- Stocks were sold globally Tuesday, with the S&P 500 opening a near 70 point gap with the alltime as weakness in the global semiconductors sector dragged sentiment.
- Sour sentiment started well ahead of the NY open with a sizeable surge in volumes denting the e-mini S&P, which fell through the 20-day EMA at 4132.59. Tech firms bore the brunt, pressuring the NASDAQ future to erase the early April rally.
- The semiconductors sub-sector was largely responsible, as the worldwide chip shortage curtails production plans. Germany's Infineon said they see 2.5mln 'lost cars' due to bottlenecks in specific chip products. This prompted the likes of NVIDIA, Qualcomm and Intel to trade sharply lower, falling as much as 4%.
- The e-mini S&P showed below the 20-day EMA of 4132.59, opening further losses toward key support at the Apr20 low of 4110.50.