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Stock Slide Opens Gap With Bull Trigger

EQUITIES
  • Just over 30 minutes into cash equity trade and stocks are extending post-inflation, post-weekly claims weakness, with the e-mini S&P nearing the Wednesday lows at 4786.00. Slippage through here would extend the pullback from highs to just over 50 points off pre-data levels.
  • The sell-on-rallies theme emerged after the data, as well as on the approach toward the bull trigger at 4851.50 - the cycle and all-time high for the continuation contract.
  • The NYSE Tick Index shows a selling bias from the off, with 1006ET/1506GMT minute seeing 1,392 names on the downtick, consistent with the second largest sell program of the week so far.
  • Losses are broad-based, with DJIA losses on a par with that of the NASDAQ Comp, although S&P 500 is more measured at a 0.1% decline so far. Utilities and real estate names are hit the hardest, consistent with the run high in the belly of the US yield curve (10y yields still higher by 7-8bps relative to the day's lows).
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