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EQUITIES: Tech Bounce Aids Recovery Off Last Week's Lows

EQUITIES
  • The e-mini S&P inches to a new daily high as markets continue to reverse the Friday leg lower, but the index will need a further 30 points to challenge the Friday high. A close higher today would snap the losing streak posted off the Tuesday cycle high at 5721.25 - intraday levels of note include 5631.62.
  • It's unlikely Biden's withdrawal from the race has triggered the recovery off lows for equities this week - betting markets have shifted slightly to acknowledge Harris' nomination and likely candidacy, but Trump's comfortable lead remains - and news of Biden's stepping down across the tail-end of last week did little to prop up headline indices. 
  • Outperformance in tech names (the laggards and drivers of the sell-off last week) are bouncing well: the NASDAQ-100 mini is higher by 0.8%, while Europe's tech sector in the Stoxx600 leads, higher by 1.3% at pixel time. 
  • Earnings season continues apace this week, with Tuesday particularly busy - highlights include:

Monday - Verizon
Tuesday - General Motors, Lockheed Martin, Coca-Cola, General Electric, Visa, Alphabet, Tesla
Wednesday - AT&T, IBM, Ford
Thursday - AbbVie, American Airlines, Baker Hughes

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