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Move Away From Support Aided By Largest Buy Program Since Tuesday

US STOCKS
  • The S&P e-mini (M4) has lifted 15-20 points from fresh session lows of 5167.75.
  • The increase has been buoyed in part by the largest buy program since Tuesday with 986 names as we move towards the weekend.
  • The earlier decline came close to support at 5161.33 (20-day EMA), a clear break of which would open 5046.03 (50-day EMA).
  • It still sees solid -0.65% losses on the day though, under pressure from a further push higher in Treasury yields. That includes the 10Y hovering at 4.30%, only a small 1bp increase on the day now but consolidating a large sell-off for the week having started at 4.08%.
  • E-minis: S&P 500 (-0.65%), Nasdaq 100 (-1.1%), Dow (-0.5%) and Russell 2000 (+0.3%).
  • Nasdaq underperformance weighed by sizeable declines for some megacaps, including Microsoft (-2.3%), Amazon (-2.0%), Alphabet (-1.3%) and Meta (-1.5%), all of whom have pared earlier losses. Nvidia (+1.4%) stands out.
  • Those moves weigh in S&P 500 sectors, with losses led by IT (-1.2%), communications (-1.1%) and consumer discretionary (-1.0%) whilst energy (+0.3%) and materials (+0.2%) lead.
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