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Stock Sell-Off Gathering Pace, With S&P500 Dipping 3%

EQUITIES

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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