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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
US STOCKS
- The late equity rout across indices appears to have slowed, after modest selling pressure, perhaps on late profit taking, snowballed into the largest sell program since Jul and before that Mar 9.
- It’s seen ESH4 touch a low of 4671.0 after a session high of 4830.75 marked a further clearing of prior resistance and a move closer to 4854.75 (Fibo projection of Nov -Dec price swings).
- Across the main e-minis, the S&P 500 trades -1.1%, Nasdaq 100 -1.3%, Dow -0.9% and Russell 2000 -1.4%, with the latter seeing a swift reversal from earlier outperformance.
- Within cash S&P 500, losses are seen across all sectors, led by consumer staples (-1.7%), consumer discretionary (-1.5%) plus utilities, financials, IT and industrials all with -1.3% declines. Communication services (unch) are the outperformers, relatively buoyed by still large gains for Alphabet (+1.7%) who have pared gains but still benefit from a reported restructuring of their ad sales unit.
- The NDX has seen a strong pullback off fresh record highs of 16860.68 notched an hour after the open, currently 280pts off those levels. SPX never managed to re-touch the 2022 highs of 4818.62 earlier, peaking at 4778.01.
S&P 500 e-miniSource: Bloomberg
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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