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Sell-off in Tech Sector Picking Up

EQUITIES

US equities worsening after the London close, with the e-mini S&P returning toward the lowest levels of European/Asia hours of 3,320.50.

The tech sector is bearing the brunt of the sell-off, evident in the NASDAQ underperforming (down around 2% at pixel time), but real estate and communication services are also sharply lower.

Volumes in equity futures have been very healthy in the e-mini S&P, with the roll from Sep-Dec likely contributing ahead of the Sep contract expiry.

A break below 3,320.50 would raise the risk of a close below the 50-dma on the continuation chart - a close below would be the first since April.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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