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US equity markets circled session lows after the London close on a wave of risk-off that followed US 10y yields being run up to 1.6% on the back of a weak 7yr auction.

  • Consumer discretionary and Tech firms were solidly the underperformers, with both sectors posting losses of close to 3% apiece.
  • Tech underperformance bled into indices, with the NASDAQ Composite the underperformer (down around 2.8% at pixel time). The VIX benefited from the sell-off, rising back above 25 points and opening a gap with the post-COVID lows printed in mid-February.
  • The 50-dma in the e-mini S&P is once again being eyed as support after the successful hold earlier in the week - crossing at 3799.99.

MNI London Bureau | +44 203-865-3809 |
MNI London Bureau | +44 203-865-3809 |

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