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Equities Resume Slide, Tesla A Particularly Large Drag

US STOCKS
  • Equities have taken another sharp step lower, with the S&P e-mini pushing new lows of 4305.00 (-0.9%) as Treasuries see a renewed sell-off with the 10Y yield back at fresh cycle highs at 4.99% seen during Powell’s Q&A and 30Y yields pushing higher still.
  • The trend structure remains bearish from a technical perspective, with ESZ3 nearing support at 4299.50 (Oct 9 low) after which lies a bear trigger at 4235.5 (Oct 4 low).
  • Geopolitical risk remains at the fore, with gold just one dollar off recent highs of $1975 after another day of strong gains for +1.35%.
  • Within single names, Tesla continues to lead with heavy declines, currently down more than 10% after yesterday’s post-close results.
  • Earnings after today’s close: Taiwan Semiconductor, Intuitive Surgical & CSX
  • The Nasdaq 100 e-mini is in line with S&P, also -0.9%, whilst the Dow outperforms (-0.6%) and Russell 2000 underperforms (-1.5%).
  • Within the S&P, banks outperform(-0.4%) despite Fed VC for Supervision Barr suggesting greater stress testing, whilst the KBW index suggests regional bank outperformance at -0.2% despite.
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