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Sell-Off Abates, But Not Before NQ Comp Enters Correction

EQUITIES
  • Despite a dip in prices following the opening bell, Wall Street equity markets traded positively following the London close, but not before the NASDAQ Composite printed a fresh cycle low.
  • The Wednesday low put prices at 10% off the November high - thereby entering correction territory, reminding markets of the underperformance in tech/growth names as both the S&P500 and the Dow Jones Industrial Average sit just 5% off the alltime highs printed earlier in January.
  • Financials continue to underperform the broader market, with bank earnings generally underwhelming so far, with poor rates trading countering strength across investment banking and advisory services. Disappointing earnings from State Street and US Bancorp led the sector lower.
  • The e-mini S&P rose back above the 100-dma support at 4564.2 on the intraday recovery rally, with the level remaining a focus headed into the closing bell. A finish below here would spell further losses for the contract, with 4520.25 and 4485.75 the next downside targets.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
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MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Homepagemarkets-real-timeEquitiesBulletMarketsFixed Income BulletsForeign Exchange BulletsAT&T Market NewsBank of America Market News

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