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Headline Equity Futures Off Lows, But US GSIBs All Lower Pre-Market

EQUITIES
  • Early pre-market trade in US equities is generally following the patterns set in Europe, with US GSIB banks lower pre-market, and seemingly not benefiting from the recovery off lows for the e-mini S&P.
  • JPM, Wells Fargo, Morgan Stanley, Goldman Sachs are all lower by 0.6-1.2%, with the more fragile banks hard hit ahead of the bell: First Republic shares are off over 10% at pixel time.
  • The e-mini S&P is near 50 points off the overnight lows, mimicking the minor move higher for the US 10y yield, which has added over 7bps over the past 90 minutes or so.
  • Despite the minor bounce in the index, the e-mini S&P trend condition remains bearish after price recently cleared a key short-term support at 3960.75, Mar 2 low. Any extension towards 3822.00 next, the Dec 22 low, will be watched carefully.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
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MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Homepagemarkets-real-timeEquitiesBulletMarketsFixed Income BulletsForeign Exchange BulletsAT&T Market NewsBank of America Market News

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