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EQUITIES: Soft Start Accelerates, Megacap Pressure Picks Up on Sell Programs

EQUITIES
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  • Having opened lower, equity markets are softening further in recent trade, with all three major indices cementing weakness off the open and putting tech and megacaps toward the bottom of the pile. The NASDAQ's off near 1.8% vs. The 0.7% weakness in the S&P 500. Perhaps notably the Russell 2000 is shielded from broader losses, off 0.3% at last check.
  • We note a sizeable sell program crossed the NYSE's Tick index at the open - equivalent to 1,434 names sold for the largest sell program since Dec 18th following the sharp hawkish market response to the FOMC rate decision. Another wave of selling helping the e-mini S&P's latest leg lower to 6018.50, before stabilising.
  • Tesla, Netflix, NVIDIA, Microsoft, Amazon, Alphabet and other megacaps are among the poorest performers - countering the majority of constituents of the S&P500, that are actually higher today.
  • No specific headlines or newsflow behind the latest leg lower for prices - but it's helping yields reverse lower - more on that to follow.
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  • Having opened lower, equity markets are softening further in recent trade, with all three major indices cementing weakness off the open and putting tech and megacaps toward the bottom of the pile. The NASDAQ's off near 1.8% vs. The 0.7% weakness in the S&P 500. Perhaps notably the Russell 2000 is shielded from broader losses, off 0.3% at last check.
  • We note a sizeable sell program crossed the NYSE's Tick index at the open - equivalent to 1,434 names sold for the largest sell program since Dec 18th following the sharp hawkish market response to the FOMC rate decision. Another wave of selling helping the e-mini S&P's latest leg lower to 6018.50, before stabilising.
  • Tesla, Netflix, NVIDIA, Microsoft, Amazon, Alphabet and other megacaps are among the poorest performers - countering the majority of constituents of the S&P500, that are actually higher today.
  • No specific headlines or newsflow behind the latest leg lower for prices - but it's helping yields reverse lower - more on that to follow.