Late Equity Roundup: Southbound

More than reversing Tuesday's gains, the steady US equity market sell-off brings SPX emini futures back to last Thursday levels. Steady climb in risk-off tone has 30Y bonds near highs, curves bull flattening (2s10s -6.280 at 21.671; 5s30s back inverted -2.821 at .896) amid renewed stagflation concerns.
Additional impetus on the back of mostly poor earnings/cutting guidance for large retailers this week tied to supply chain constraints, higher operating costs, etc.

• SPX emini futures currently -159.75 (-3.91%) at 3926, Dow Industrials -1142.04 (-3.5%) at 31513.59, Nasdaq -552.9 (-4.6%) at 11434.
• After Walmart's huge miss Tue, US retail giant Target's miss on EPS and weaker guidance is dragging stock futures lower. Target is now down appr 27.13%; it had been an outperformer this year, down 7% this year as of Tuesday vs -26% for the S&P consumer discretionary index.
• Tech earnings: Cisco reports after the bell today, Applied Materials late Thu.
• SPX leading/lagging sectors: Utilities (-0.77%), Health Care (-2.41%) and Real Estate (-2.65%). Laggers: Consumer Discretionary (-6.69) weighed by retailers, consumer durables and autos again, Consumer Staples (-6.10%) as food retail and super-center retailers underperform, Information Technology (-4.73%).
• Dow Industrials Leaders/Laggers: Verizon (VZ) +0.29 at 49.23; Amgen (AMGN) -0.42 at 244.93 and Merck (MRK) -0.84 at 92.16. Laggers: United Health (UNH) -19.92 at 472.61, Home Depot HD) -18.02 at 282.93 , Microsoft (MSFT) -12.31 at 254.51.