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Net Selling From the Open Weighs on Headline Prices

EQUITIES
  • Equities offered shortly following the Friday opening bell, helping pressure the e-mini S&P back toward the overnight lows. First support undercuts at 4557.25, a break below which would open 4533.61 - the 38.2% retracement for the most recent upleg.
  • Net selling evident since the open via the NYSE TICK index, which shows sell programs of 395 and 445 names since the bell - relatively small in size, but still weighing on headline prices.
  • The materials sector is underperforming in early trade, with financials and industrials similarly weak. Earnings remain a key driver at present, with American Express (-4%), Intuitive Surgical (-2.5%) among the poorest performers after their respective reports.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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