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Stocks Slide as Markets Price Tighter Fed Policy

EQUITIES
  • Equities resided uniformly lower on Monday, with Wall Street resuming the slide seen last week as markets continue to rotate away from growth-oriented and tech names. A higher, steeper yield curve triggered by the Friday payrolls release continues to exert influence over stock traders - who are positioning for higher inflation and tighter Fed policy. Friday's NFP added to the rationale for this trade, pointing to a tightening labor market via faster earnings and lower unemployment.
  • The NASDAQ underperformed notably, with tech and growth sectors the names to watch. The likes of Tesla, Etsy, Amazon and Alphabet all traded sharply lower, and a midday recovery failed to tip headline indices back into the green.
  • The slide in the e-mini S&P puts the index within range of the 100-dma support at 4559.9, a break through which would put prices through the bull trend channel posted off the early October lows.
  • 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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