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S&P Undone by Weak Autos & Earnings

EQUITIES
  • Equity markets slipped into the close, with the three main indices looking to finish lower by 1% or more. This opens a gap of around 50 points with the alltime highs printed earlier in the week for the e-mini S&P. Despite Tuesday's pullback, key support remains in tact at the 4334.8 50-dma on the continuation contract.
  • Across Wall Street, the consumer discretionary sector was hardest hit. Autos firms suffered sharply, with the likes of Tesla, Ford and General Motors all off by 4% or more at some points of the session. The moves follow disclosures from Buffett's Berkshire Hathaway, who trimmed their General Motors position for a third consecutive quarter.
  • Similar weakness was also seen in pandemic winner Home Depot after their quarterly earnings release. The company saw customer transactions decline markedly as consumers rotated back into hospitality segments as regional restrictions lifted.
  • European trade was similarly negative, with Italy's FTSE-MIB the hardest hit. The index slipped 0.9% although the UK's FTSE-100 held onto gains of 0.4% or so into the closing bell.
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