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E-Minis Struggle After Big Tech Earnings

EQUITIES

E-minis have struggled since the closing bell on Wall St., although the 3 major contracts have not forced a real test of Thursday lows, yet, with the space struggling in the wake of after-market earnings reports from tech giants including Apple, Alphabet, Amazon & Facebook. While the headline numbers seen in the reports (revenue & EPS) were mostly beats, Thursday's Wall. St. rally (the buy the rumour sell the fact narrative) and some of the idiosyncracies surrounding the earnings releases, including guidance, are being identified as the drivers behind the pull back.

  • The NASDAQ e-mini underperformed owing to the tech-centricity of the move, although all 3 major contracts are off worst levels.
  • Regional Asia-Pac equities also struggled as a result.
  • Nikkei 225 -0.6%, Hang Seng unch., CSI 300 -0.2%, ASX 200 unch.
  • S&P 500 futures -27, DJIA futures -177, NASDAQ 100 futures -130.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
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