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Stocks Edge Lower Following London Close

EQUITIES
  • After a generally flat start to the session, Wall Street succumbed to selling pressure after the London close, putting all three major indices into minor negative territory. A short sharp wave of selling pressure came in the form of program selling, with as many as 1,400 names sold to put the e-mini S&P through both the overnight and the Wednesday low. Next support for the e-mini S&P undercuts at 4572.75, the Jan 10 Low and key short-term support.
  • Some desks pinned the selling pressure on headlines from Democratic Representative Sinema, who voiced support for the current filibuster rules against POTUS' wishes - suggesting the White House will continue to have trouble pushing through their preferred legislation in the short-term.
  • Tech and healthcare names lead the way lower, with the likes of Twitter, salesforce.com and Moderna among the weakest performers on the S&P500.
  • Across Europe, sentiment was more mixed, with peripheral markets outperforming (Spain, Italy closed higher by 0.5% apiece) while core EuroStoxx50 and DAX markets were broadly flat.
  • Focus turns to the unofficial beginning of the US earnings cycle, with JPM, Citigroup, BlackRock and Wells Fargo all due to report on Friday.
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