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Tech, Communication Services Lead Losses on Wall Street

  • Solid volumes for equity futures trading so far Tuesday, with the active e-mini S&P contract seeing over 900k contracts trading vs. A daily average total of 1.4mln. That puts today's trading so far at around 35% ahead of average for this time of day.
  • The tech/communication services sectors are following Europe's lead in being the weakest names so far, with only energy in the green following an hour or so of cash trade.
  • Tech seems to be responding to the sharp uptick in yields, with the 10y now solidly above 1.5% and potentially spooking some of the more cyclical/growth-oriented plays.
  • Weakness in chipmakers and semiconductor names was noted across European trade, and the likes of AMD, NVIDIA and NXP Semi joining their European counterparts. As a result, the NASDAQ is leading losses as the Comp slips over 2.2% while the Dow Jones drops around 1% or so.
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