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Stocks Return Lower as Overnight Bounce Fades

EQUITIES
  • E-mini S&P extends post-open downtick, putting the index back below 4,000 mark to narrow the gap with overnight support of 3961.75 (which was the lowest level since March 2021.
  • Industrials are the poorest performing sector so far (contrasting with price action yesterday, where tech and oil&gas underperformed) while energy is bouncing after Monday's sharp decline.
  • NASDAQ futures are holding the bulk of the session's gains, but have now erased the 'Tepper bounce' after the fund manager had said he'd covered his NASDAQ short and saw 12,000 as the floor for now.
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  • E-mini S&P extends post-open downtick, putting the index back below 4,000 mark to narrow the gap with overnight support of 3961.75 (which was the lowest level since March 2021.
  • Industrials are the poorest performing sector so far (contrasting with price action yesterday, where tech and oil&gas underperformed) while energy is bouncing after Monday's sharp decline.
  • NASDAQ futures are holding the bulk of the session's gains, but have now erased the 'Tepper bounce' after the fund manager had said he'd covered his NASDAQ short and saw 12,000 as the floor for now.