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Stocks Sink Further on Wave of Profit-Taking, Sell Orders

EQUITIES
  • Stocks remain under considerable selling pressure in recent trade, with the e-mini S&P slipping through yesterday's lows to near the 4166.75 printed Tuesday.
  • Tech names are leading losses in cash markets, with the Tech sector the largest decliner on the S&P 500. The largest losers here are the likes of Citrix Systems, Mastercard and Microsoft, with earnings the key factor behind their underperformance.
  • Moves come despite new all time highs printed in US futures ahead of the open, which were propped up by Apple and Facebook, but both companies have come well off the day's best levels, and Apple has now slipped into negative territory.
  • Sizeable sell orders evident in US indices, with the TICK index showing the largest sell order in stocks in around a month.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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