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Stocks Slide for Fourth Consecutive Session

EQUITIES
  • Wall Street traded uniformly lower Friday, extending the recent weakness to put the e-mini S&P through key support at the 200-dma of 4423.7. The last time markets broke below this level was February 27th - the onset of the Coronavirus pandemic on the West Coast of the US.
  • Elsewhere, earnings continue to conspire against headline index prices, with Netflix's report released late on Thursday providing a solid headwind for sentiment. Their stock slid over 20%, erasing over $40bln in market cap and reverting prices back to pre-pandemic levels.
  • Communication services lagged the broader market thanks to Netflix's distinct underperformance, but weakness across consumer discretionary and materials names underlined the risk-off sentiment.
  • European shares traded similarly poorly, with Germany's DAX again touching the lowest levels of 2022. The UK's FTSE-100 fared slightly better, but still managed to finish 1.2% lower.
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