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Indices Soft, But Lockdown Themes Outperform

EQUITIES
  • Headline indices all traded lower Tuesday, with the e-mini S&P rolling well off the alltime highs posted in early Asia hours. Bluechips led the way lower, with the Dow Jones Industrial Average falling 1% or more at some points of the session to narrow the gap with 50-dma support.
  • Weakness across all three major US equity indices follows increased concern over the more transmissible delta variant of COVID as well as a weaker-than-expected ISM services index. This translated to outperformance in lockdown-themed trades including Zoom Communications and Amazon and a bias for risk-off, which flattened the Treasury curve and worked in favour of the US dollar.
  • Continental markets were similarly weak, with Germany's DAX and Spain's IBEX-35 leading with losses of 1% apiece.
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