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Stocks Slide, With E-mini S&P Testing Key Support

EQUITIES
  • Stock markets traded uniformly lower on Tuesday, with early European and Asian losses feeding directly into a negative open at the Wall Street opening bell. Losses were evident throughout the session, with sizeable programmatic selling seen from the off, as markets adjust for the possibility of tighter Fed policy as soon as next week.
  • The risk-off theme is consistent through the sectoral breakdown, with financials sliding sharply (led by Goldman Sachs, off 7.7% on poor earnings) alongside tech and consumer discretionary names.
  • This has put the e-mini S&P briefly below the 100-dma of 4570.6, seen as a level of key support for stocks (held price action well through multiple dips in December) and a confirmed break would open 4520.25 and 4492.00. The index is now around 5% off the alltime highs posted on Jan4th.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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