Echoing futures, cash US equity markets....>

EQUITIES: Echoing futures, cash US equity markets open lower by just over 2% for

the S&P500 and DJIA, while the NASDAQ Comp posts a slightly shallower dip of

1.4%.

- Cyclicals are right at the bottom of the pile, with energy, financials and

materials the poorest performing sectors, although all ten sectors are in the

red so far.

- Just 7 stocks in the S&P500 are higher in early trade, with software/gaming

names higher, led by Electronic Arts, Take-Two Interactive and Activision

Blizzard. This supports the 'second wave' theory for why stocks are lower today,

with Clorox and Netflix also trading well today.

- Transport names are again the hardest hit, with Carnival, Norwegian

Cruiselines and United Airlines all lower by 7% or more.

- The VIX has taken a leg higher, hitting the best levels since mid-April Monday

and just shy of 45 points.

- The e-mini S&P gapped and has held below the 200-dma at 3012.4 today, with

next supports at 2937.15 and 2827.38.