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Stocks Extend Slippage Through Tuesday Cash Open

CROSS ASSET
  • Equities holding the bulk of the losses posted since the opening bell, with the e-mini S&P off near 40 points at pixel time, with weakness extending on the break of yesterday's 3987.25 low.
  • No real new news behind the equity weakness, with a broad continuation of the pull back after Friday's NFP release.
  • Megacap tech names trade poorly, with Meta among the poorest performers in the S&P 500 (down 5.2% on EU regulation concerns) while Bank of America are leading bank names lower following Moynihan's relatively downbeat appearance at a GS conference today. Shares are off as much as 3%.
  • Equity weakness is feeding into a minor bid for the greenback, prompting EUR/USD to revisit - but not quite break - the overnight lows at 1.0476.

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