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S&P E-mini Sees Renewed Test Of Session Low

US STOCKS
  • Stocks are finishing on the back foot with the S&P 500 set for its fourth consecutive daily decline.
  • ESZ3 trades at 4258 (-1.0%) in a late push back to earlier lows of 4255.25 for what has been another step towards the bear trigger at 4235.50 (Oct 4 low).
  • Tech suffers today with the Nasdaq 100 e-mini underperforming (-1.3%) vs outperformance for the Dow (-0.7%) and Russell 2000 (-0.9%).
  • Specifically within SPX, energy currently leads the decline (-1.6%), with the fall in WTI futures after a hostage release in Gaza and the US pressing Israel to delay its invasion, closely followed by IT (-1.5%). Financials (-1.3%) mask heavier underperformance for banks (-2.2%). Broader banks see heavier declines, with the KBW index -2.7% and regionals -2.9%.
  • Corporate earnings come more into focus next week, with Alphabet, Microsoft, Amazon and Meta all reporting in the biggest earnings week of the quarter with 38% of the S&P 500 up.
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