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US, Europe Diverge, E-mini S&P Holds Below 100-DMA

  • Wall Street started October well, with the Dow Jones and S&P 500 adding over 0.5% apiece - although the NASDAQ lagged. The e-mini S&P suffered further losses across European and Asia-Pac hours, touching 4260 - the lowest levels since mid-July. A solid set of ISM Manufacturing and PCE data helped indices recover off lows, but prices held south of the 4341.33 100-dma.
  • Across the S&P 500, energy names led the way higher thanks to further stability in WTI and Brent crude oil prices. Communication Services also traded well, thanks to solid gains in the likes of Walt Disney, Twitter and Alphabet.
  • Stock markets in Europe underperformed their US counterparts, with the UK's FTSE-100 leading losses to close lower by 0.8%. Downside was more mild in Germany's DAX and France's CAC-40.

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