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Correction at the Open Sees Tech Stocks Dive 2%

EQUITIES

As indicated by futures markets, US cash equities have opened mixed, with the tech sector underperforming and dragging the NASDAQ Composite lower by over 2%. S&P 500 is in minor negative territory (down circa 0.5%), while the Dow Jones sits slightly higher.

The tech sector is the sharpest decliner, closely followed by communication services and consumer discretionary. Stocks are clearly trading defensively, with utilities and staples among the only gainers in early trade.

Internet infrastructure firms including Juniper Networks and Arista Networks are hard-hit on a downbeat outlook from rival Ciena, down 4-5% while closely watched names including Facebook and Apple are again among the sharpest fallers in the S&P500.

The VIX is slightly higher, but is yet to test the week's highest levels printed yesterday at 27.07.

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