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Fedspeak, BlockFi and Apple Production Issues Weigh

STOCKS
  • US stocks are increasingly weighed on by a collection of drivers today, including Fedspeak on restrictive policy helping push real yields higher, BlockFi’s Chapter 11 filing and idiosyncratic factors such as Apple’s iPhone production issues and Twitter spat.
  • S&P sits -1.5% to eat into last week’s gains, with broadly similar-sized declines across other major indices.
  • ESA trades at 3971.5 off a session low of 3967.25 although the recent bullish trend structure means that support is still a way off at 3924.36 (20-day EMA). To the upside, the bull trigger sits at 4050.75 (Nov 15 high).
  • Canadian equities see an extension of recent outperformance, with the TSX 60 limiting declines to -0.8%.

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