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US Equities Go From Weak to Weaker

EQUITIES

Equity sell-off picking up further with new lows printed in US equity futures - e-mini S&P now down 2.7% to hit a new low at 3,357.00, the lowest level since Oct07.

While there's been no single headline catalyst behind the move, there has been a series of equity negative newsflow that raised risks to the current equity rally. Namely:


  • German software firm SAP revising their outlook sharply, weighing on US rivals including Oracle (-4%)
  • China placing sanctions on US aerospace & defense firms including Boeing, Raytheon & Lockheed Martin (all down between 2-5%)
  • Kudlow reaffirming the gaps between the White House & Democratic Reps on COVID stimulus
  • Libyan supply weighing on oil prices (WTI down 3.4%) and pressuring energy names including ConocoPhillips & Marathon Oil (down 7% apiece)
The E-mini S&P has now fallen through the uptrendline drawn from the 2020 low (3373.25), opening next support at the 100-dma of 3298.78. Last break through this level was end-February ahead of the COVID-inspired sell-off.
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