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Tech Remains the Underperformer as Stocks Extend YTD Downtick

EQUITIES
  • Headed into the European close, equity markets are close to the lowest levels of the session, with the e-mini S&P touching 4010 and the lowest level since April last year. This extends the year-to-date losses for the S&P500 to over 15% (a 3845 print in the e-mini S&P would mark a 20% drop from the Jan highs, and a bear market for the index).
  • 4,000 marks immediate support (psychological round number) ahead of 3958.00, the 2.00 proj of the Mar 29 - Apr 18 - 21 price swing.
  • Relative resilience for value names evident in the DJIA's losses this year being limited to 11%, while the NASDAQ-100 is off 25%.
  • Energy names are offered, dropping over 6% as a sector on the back of the >4% drop for crude oil prices, while tech extends recent weakness. Consumer staples are the sole sector in the green - underpinning the outperformance of defensive stocks over cyclicals.
  • Across Europe, sentiment is similarly negative, with the EuroStoxx50, CAC-40 and FTSE-MIB off 2.3% apiece.
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