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E-mini S&P Back in Green, Tech Buoys NASDAQ to Outperform

EQUITIES
  • Equities continuing to firm an hour out of the opening bell, with the upside accelerating over the past few minutes. The e-mini S&P bounce puts the index into positive territory after the soft start - reaching to touch 4418.50.
  • Largest buy programme of the session so far going through in the NYSE TICK index, with 632 names bought - although that pales in comparison to some of the more frenetic activity seen across markets yesterday.
  • Consumer discretionary sector the driver of the bounce, outperforming all others thanks to the 2.5% rally in Amazon (pre-market price target upgrade, plus speculation they could buy up UK's Ocado).
  • Yesterday's highs still some way off at 4438.50, but strength through here would narrow the gap with the cycle best at 4493.75. Tech outperformance also buoying the NASDAQ (which was the softest index Wednesday), which sits higher by 0.6% so far.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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