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SPX Extending Session Lows

US STOCKS

SPX eminis extending session lows last few minutes, ESH2 slips to 4597.5, still comfortably above first support of 4395.5 -- Jan 31 low. Latest levels:

  • DJIA down 305.89 points (-0.86%) at 35320.81
  • S&P E-Mini Future down 72 points (-1.57%) at 4504.75
  • Nasdaq down 366.9 points (-2.5%) at 14049.83
Top three sectors leading he sell-off:
  • -5.34% Communication Services
  • -2.31% Consumer Discretionary
  • -1.96% Information Technology
Impetus for early tech weakness: Meta (formerly Facebook) earnings miss (4Q EPS $3.67 vs. $3.84, $33.67B rev vs. 33.43B est) with lower revenue outlook misses estimate as Tik Tok siphoning off users. FB currently -82.33 vs. 240.65, wiping out appr $200B market value.New focus on Amazon reporting after the close (3.58 EPS est), currently trading 2810.22 (-6.67%).

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