Equity Roundup: ECB LaGarde on Inflation Weighs on Risk Assets

Stock indexes extending session lows, recent headlines from ECBs Lagarde on inflation: "much higher, persistent than anticipated" and of course "expecting to raise rates further" are weighing on risk assets. Real Estate, Materials and Consumer Discretionary underperforming. Currently, SPX eminis trade -63.25 (-1.61%) at 3853.75; DJIA -488.01 (-1.57%) at 30531.08; Nasdaq -154.5 (-1.3%) at 11380.65.

• S&P E-Minis well through key short-term support at 3900.00, the Sep 7 low, confirming a resumption of the bear cycle that started mid-August and paves the way for a move towards 3819.54, a Fibonacci retracement. Key short-term resistance has been defined at 4175.00, the Sep 13 high.
• SPX leading/lagging sectors: Consumer Staples (-1.05%), Information Technology (-1.13%) and Energy (-1.15%) sectors resisting the sell-off, strong demand for Apple (AAPL) helping IT sector. Laggers: As noted, Real Estate (-2.70%), Materials (-2.26%) and Consumer Discretionary (-1.96%) consumer durables weighing on the latter, underperforming Autos even with Ford (F) -12.0% today on burgeoning supply cost warnings.
• Dow Industrials Leaders/Laggers: Apple (AAPL) +1.16 at 155.64, Boeing (BA) +0.62 at 145.50, Walgreens Boots (WBA) -0.41 at 33.74. Laggers: Goldman Sachs (GS) -7.84 at 320.82, Home Depot (HD) -7.45 at 272.95, Nike (NKE) -5.10 at 102.11.