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Stocks Dip After Three-Day Break, Retailers Nosedive

EQUITIES
  • Wall Street settled lower Tuesday, catching up with the volatile price action evident across Monday's market holiday. Futures also fared poorly, with most key indices shedding around 1% or so as developing Ukraine crisis worked against sentiment.
  • Consumer discretionary sectors bore the brunt of the downtick, with automakers a particular source of weakness. The likes of Tesla, Ford and General Motors shed as much as 5.5% Tuesday as markets anticipated possible global supply chain issues that may result from sanctions pressure headed toward Russia from the West.
  • Elsewhere, retail had a poor session, with Home Depot and Best Buy the worst performers on the S&P 500 as Home Depot's earnings detailed a lower than expected gross margin for Q4, raising questions about profitability for retail names across 2022.
  • The e-mini S&P recovered off the 4250 low printed on the resumption of trade, but recovered modestly since. Technical conditions remain bearish and the contract has traded lower today. The moving average set-up and the contracts recent inability to remain above the 50-day EMA - at 4528.69 - suggest the broader path of least resistance remains down. The focus is on this year’s low of 4212.75 on Jan 24.
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