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Equities Diverge, Tech Tanks, Dow Stable

EQUITIES
  • Sharp divergence of fortunes at the open, with the Dow Jones Industrial Average inching higher to hold gains of over 0.5% while the tech-led NASDAQ falls sharply.
  • The e-mini NASDAQ is off close to 2%, with big name tech firms including Facebook, QUALCOMM, Tesla and Paypal off 3% or more at pixel time.
  • The e-mini NASDAQ is turning toward first support at the Tuesday/Thursday lows, which come in just ahead of the 50-dma at 13,365
  • Idiosyncratic drivers for a number of firms, with QUALCOMM hit following reports that Apple will bring modem production in-house, Facebook and Alphabet slipping after downgrades at Citi and Tesla lowering after Musk's TV appearance over the weekend.
  • Perhaps unsurprisingly, the tech and comm services sectors are at the bottom of the pile so far Monday, while utilities and real estate make decent headway.

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