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Stock Sell-Off Gathering Pace, With S&P500 Dipping 3%
Equities were holding well in European hours, pretty close to alltime highs but that seemed to change following cash open, with large clips sold in e-mini S&P (over 20k sold inside 60 seconds around an hour after opening bell).
This leaves futures off around 100 points for the e-mini S&P, but tech is bearing the brunt with NASDAQ futs down over 500.
Sell-off today is led by tech (cracks were beginning to appear earlier in the week with Tesla, Apple both diving sharply post-stock split inspired rally).
Were murmurs earlier in the week of rotation from tech into financials, which is being mirrored in sector breakdown today (S&P tech sector down 4.5%, financials down just 0.4%).
No specific macro catalysts being cited, but risk could be being trimmed ahead of tomorrow's NFP (ISM services was a touch weaker than expected and employment subcomponent was below 50, ADP employment change yesterday was soft).
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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.