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US STOCKS: Nvidia Leads Magnificent Seven Drag On Equity Indices

US STOCKS
USEquitiesBulletMarketsFixed Income BulletsForeign Exchange BulletsNorth America
  • ESZ4 holds its earlier paring of losses, currently at 6017 (-0.4%) off a low of 6000.25 a little after midday ET.
  • It reverses most of yesterday’s 0.5% gain despite a 5bp decline in 10Y real yields offering a slightly more conducive macro backdrop.
  • An overnight high of 6047.00 approached the bull trigger of 6053.25 (Nov 11 high). Support meanwhile is seen at 5944.60 (20-day EMA).
  • The day’s losses are dragged by some megacaps, notably Nvidia (-2.0%) but also with solid declines for Tesla (-1.5%), Meta (-1.1%), Microsoft (-0.9%) and Amazon (-0.6%).
  • Declines are unsurprisingly therefore led by IT (-1.3%) and consumer discretionary (-0.55%) whilst real estate (+0.95%) enjoys lower yields with health care (+0.6%) in second.
  • The Nasdaq 100 (-0.9%) underperforms, whilst Dow Jones (-0.2%) and Russell 2000 (+0.2%) outperform the S&P 500.
  • Market operating hours over Thanksgiving:
    • Cash equities: Thursday Nov 28: Closed, Friday Nov 29: early close at 13:00 NY/12:00 Chicago
    • Equity futures: Thursday Nov 28: goes into pre-open (early close, no settlement) at 13:00 NY/12:00 Chicago, Friday Nov 29: Early close at 13:15 NY/12:15 Chicago
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  • ESZ4 holds its earlier paring of losses, currently at 6017 (-0.4%) off a low of 6000.25 a little after midday ET.
  • It reverses most of yesterday’s 0.5% gain despite a 5bp decline in 10Y real yields offering a slightly more conducive macro backdrop.
  • An overnight high of 6047.00 approached the bull trigger of 6053.25 (Nov 11 high). Support meanwhile is seen at 5944.60 (20-day EMA).
  • The day’s losses are dragged by some megacaps, notably Nvidia (-2.0%) but also with solid declines for Tesla (-1.5%), Meta (-1.1%), Microsoft (-0.9%) and Amazon (-0.6%).
  • Declines are unsurprisingly therefore led by IT (-1.3%) and consumer discretionary (-0.55%) whilst real estate (+0.95%) enjoys lower yields with health care (+0.6%) in second.
  • The Nasdaq 100 (-0.9%) underperforms, whilst Dow Jones (-0.2%) and Russell 2000 (+0.2%) outperform the S&P 500.
  • Market operating hours over Thanksgiving:
    • Cash equities: Thursday Nov 28: Closed, Friday Nov 29: early close at 13:00 NY/12:00 Chicago
    • Equity futures: Thursday Nov 28: goes into pre-open (early close, no settlement) at 13:00 NY/12:00 Chicago, Friday Nov 29: Early close at 13:15 NY/12:15 Chicago