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Stock Sell-Off Led by Energy, Banking Names

EQUITIES
  • Equity sell-off picking up pace here, with the e-mini S&P narrowing in on the Friday low of 4131.50. Break below there opens 4121.3 initially (Fib retracement) ahead of the late April lows of 4068.75.
  • Energy firms leading losses as the WTI price pulls back sharply (WTI down 3.5% at typing), but financials also a source of pain.
  • Smaller regional banks in the S&P500 are suffering: Zions Bancorp, KeyCorp and Comerica are all down 5% or more as markets speculate the financial stability issues are yet to cease.
  • The NYSE TICK index shows evidence of sizeable sell programs going through the exchange - 1522BST/1022ET saw the largest of the day: 1364 names sold, the largest since April 25th

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