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Futures Point To Negative Start, Tech Leads Move Lower

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E-minis hold lower into the cash open but operate above worst levels of the day.

  • S&P 500 contract -0.34%, NASDAQ 100 -0.70%, DJIA contract -0.02%.
  • Spill over weakness in global equities noted after yesterday’s sell off on Wall St.
  • Negative legal news for Nvidia added further pressure to the tech sector into Tuesday’s cash close, building on already steep declines.
  • Upward pressure in the VIX and related hedging activity from dealers was also touted as a catalyst for the move lower.
  • VIX eased back from session highs into the cash equity close (call spread profit taking highlighted by some) and the move was nowhere near as violent as what was seen in early August.
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E-minis hold lower into the cash open but operate above worst levels of the day.

  • S&P 500 contract -0.34%, NASDAQ 100 -0.70%, DJIA contract -0.02%.
  • Spill over weakness in global equities noted after yesterday’s sell off on Wall St.
  • Negative legal news for Nvidia added further pressure to the tech sector into Tuesday’s cash close, building on already steep declines.
  • Upward pressure in the VIX and related hedging activity from dealers was also touted as a catalyst for the move lower.
  • VIX eased back from session highs into the cash equity close (call spread profit taking highlighted by some) and the move was nowhere near as violent as what was seen in early August.