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VIX Futures Pull Lower into NFP

EQUITIES
  • Equities on the front foot ahead of the Friday cash open (and one hour out from May NFP), with the e-mini S&P holding just below highs of 4252.50 - equating to M3 contract highs and the best level for the continuous contract since August 2022.
  • China property market support headlines provided a tailwind earlier in the session, that's persisting into NY hours. Momentum has carried the index through the medium-term bull trigger at the Feb 2 high to open 4,288.00.
  • NASDAQ futures are modestly outperforming, with early evidence of strength in tech names (NVDA +1.8% pre-market, Intel +0.9%) as an early dip in yields (albeit still off yesterday's lows) underpins the sector.
  • VIX futures are on the backfoot in early trade, with Jun23 futures touching 17.2 points on the pullback - new contract lows.

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