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Higher Yields And Geopolitical Risk Weigh Heavily

US STOCKS
  • Equities have been increasingly under pressure today, hit by a combination of a small further trimming of Fed rate cut expectations, a more notably push higher in long-term yields (~7bps cheaper) and geopolitical tensions which saw gold earlier clear a key resistance level and with spot currently +1.6% on the day.
  • A reasonable bounce after the 20Y Tsy auction traded through proved short-lived, with the S&P e-mini since extending to a new low of 4343.75, currently only a few points higher for -1.2% on the day. Support is still some way off though, at 4299.5 (Oct 10 low).
  • Moves lower have come with multiple large sell programs with collections of greater than 1000 name clips in the TICK index.
  • The Nasdaq 100 e-mini trades in line at -1.3% as it pulls back from yesterday’s underperformance, whilst the Russell 2000 slips -2.0% for stark underperformance after strong relative gains yesterday.
  • Earnings: Some large names still to come with or after the close, including Netflix (~0.4% SPX weighting, 1600ET) and Tesla (2%, after). Tomorrow includes Philip Morris, Union Pacific and AT&T (cumulatively almost 1%) ahead of the open.
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