MNI BRIEF: Fed's Goolsbee Sees Rates Down 'Fair Amount' In '25

MNI BRIEF: December Fed Cut 'Absolutely Not' Off Table - Daly

MNI China Daily Summary: Tuesday, Dec 3

MNI BRIEF: China-Based UK Firms Facing Challenges

MNI: PBOC Net Drains CNY248 Bln via OMO Tuesday

MNI: PBOC Sets Yuan Parity Higher At 7.1996 Tue; -1.92% Y/Y

MNI: AUSTRALIA Q3 GDP +0.3% Q/Q

EZ/UK T-Bill Calendar: Greece, EU Auction on Wednesday

EZ/UK Bond Supply Calendar: UK, Germany Auction on Wednesday

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

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.
Homepagemarkets-real-timeEquitiesBulletMarketsFixed Income BulletsForeign Exchange BulletsAT&T Market NewsBank of America Market News
Homepagemarkets-real-timeEquitiesBulletMarketsFixed Income BulletsForeign Exchange BulletsAT&T Market NewsBank of America Market News

To read the full story

Close

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.