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US STOCKS: Super Micro Drives Idiosyncratic IT/Tech Equity Declines

US STOCKS
  • The S&P 500 e-mini has fallen ~35 points over the past 45 minutes in moves that look somewhat idiosyncratic to equities with only a minor bid seen in Treasuries over the same period.
  • The day’s largest sell programs were seen 10 minutes ago but relatively limited in size at 804 names.
  • At 5608.00 at typing, there is a sizeable gap lower to next support in ESU4 at 5504.86 (50-day EMA).
  • Super Micro prices have continued to slide, currently -27% vs -10% pre-market after a delayed 10-K filing.
  • IT (-1.7%), communication services (-1.1%) and consumer discretionary (-1.1%) lead declines in partial spillover.
  • Of most note, Nvidia sees a heavy -3.7% ahead of eagerly awaited results after the close.
  • Nasdaq unsurprisingly underperforms against that backdrop. E-minis: S&P 500 (-0.7%), Nasdaq 100 (-1.4%), Dow Jones (-0.1%), Russell 2000 (-0.6%)
Source: Bloomberg

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