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MNI: GERMANY OCT FACTORY ORDERS -1.5% M/M

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MNI: SWISS NOV UNEMPLOYMENT +4% M/M, +23.6% Y/Y

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AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

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Late Equity Roundup

US STOCKS
  • Stocks are still trading weaker, but are quietly climbing off lows to late morning levels at the moment. Stocks had extended lows after this morning's higher than expected ISM Services Index (54.5 vs. 52.5), Prices Paid (58.9 vs. 56.8 prior) spurred a sell-off in rates and stocks as projected rate hikes through year end gained slightly (November cumulative of +13.4 (+11bp earlier) at 5.466, December cumulative of 13.6bp (9.6bp earlier) at 5.468%.
  • Currently, S&P E-Mini futures are down 34.25 points (-0.76%) at 4468, DJIA down 186.86 points (-0.54%) at 34456.29, Nasdaq down 166.7 points (-1.2%) at 13855.08
  • Laggers: Information Technology, Consumer Discretionary and Communication Services sectors continue to underperform. Hardware and Semiconductor shares weighed on IT: SolarEdge -3.9%, Enphase -3.75%, Apple -3.7% and Nvidia -3.0%. No particular headline driver, traders cited general profit taking on the strong sector.
  • Meanwhile, auto makers weigh on Discretionary stocks, but are inching off lows: Tesla -1.8%, GM -1.3%, Ford -0.65%. Interactive media and services weighed on Communication services: Google -1.1%, Meta -.65%.
  • Leaders: Utilities, Energy and Consumer Staples sectors outperformed, electricity providers supporting the former: Excel Energy +1.30%, Entergy and Pinnacle West both +1.1%.
  • Technicals: S&P Emini initial support lies at 4459.74, the 50-day EMA. A return below the average would be a bearish development: 4350.00 Low Aug 18 and a bear trigger.
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