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Stocks Fade Further on Opening Bell, Growth Leads Losses

EQUITIES
  • Stock markets are fading further following the opening bell, with the e-mini S&P and its cash equivalent now at fresh session lows. ES1 is now down over 65 points and is nearing first major support at the 4559.9 100-dma.
  • As mentioned, the tech and growth sectors are the ones to watch, with rising yields across the curve working against the likes of Tesla (-3.6%), Etsy (-5.5%) and Amazon (-3.0%) among the poorest performers. No surprise then to see the NASDAQ Comp and NASDAQ 100 lagging, while value names help limit losses among the DJIA.
  • Moves come ahead of the unofficial beginning of Q1 earnings season, as JPMorgan, BlackRock, Wells Fargo and Citigroup all report on Friday.

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