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Equities Extend Weakness, With E-mini S&P Nearing Contract Low

EQUITIES
  • Equity weakness really picking up following the opening bell, with markets absorbing the new high in Freddie Mac mortgage rates (highest in 15 years) and modestly hawkish Fedspeak (Mester: Rates still not restrictive, Bullard: jobs market extremely strong, claims "super low").
  • E-mini S&P now nearing yesterday's lows (also the Dec-22 contract low) as first support at 3613.00. A break below here would put the index at the lowest level since late 2020 and extend the weakness off the year's highs to ~25%.
  • Notable underperformance in tech names, with every NASDAQ-100 constituent in negative territory. Apple sliding again, down over 4.5% at pixel time.

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