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US Equity Futures Holding Just Off Overnight lows

EQUITIES
Overnight equities fell the most since the August 5th sell-off, there were multiple drivers with the strengthening yen seen as the initial catalyst, Oil plummeted and erased its gains for the year, after a prospective deal to restore supplies from Libya caused concerns about global demand, while the closely watched ISM Manufacturing data missed estimates again.
  • The VIX surged over 5pts to close at 20.74. Friday it was reported that there was a 350,000 size contract buyer for $9 million, while bid volume in those contracts suggest they have since closed the trades.
  • The Philadelphia SE Semiconductor Index dropped 7.75%. Nvidia dropped 9.52%, and is now down just over 14% in three session since it reported earnings
  • The US Justice Department sent subpoenas to Nvidia and other companies as it seeks evidence that the chipmaker violated antitrust laws, an escalation of its investigation into the dominant AI computing provider.
  • Currently Nasdaq 100 futures are 0.23% lower this morning at 18,966 vs overnight lows of 18,911. S&P 500 futures are trading down 0.15%.

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