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Daily Close

Global equity markets were sent reeling and the s&p500 fell  2.2% to the lows of February’s rout after a US tech wreck concomitantly hit some of the largest and most popular bellwether tech stocks. AMZN shed 5%, hit by a Presidential teeeter assault  over the week end. Intel dropped 6%, after Apple said it would start making a wider use of its own chips. Tesla dropped 5.1% hit by delivery issues and more general financial concerns following last week’s credit downgrade. Nvidia suffered from the crypto weekend shakeout that left most tokens near or below the lows for the year. The action in tech caused an important breach of the 200dma of the s&p500 which coincided with a large USD8bn sell order.  The selloff occured after speculative long positioning in S&P 500 future spiked last week to the second-largest position in five years, according to CFTC and in the middle of the black out period for share buybacks (q1  earnings season starts in teo weeks) which constituted two additional hurdles yesterday.

Additional worries errupted yesterday from China’s selective retaliation on D. Trump’s hit list which also soured sentiment. 

The dollar was mostly unchanged (except for USDJPY which fell) and US bonds rallied on safe haven worries. HY credits also closed 10bps wider. Gold was the safe haven du jour gaining 1.2%. The global eqyity selloff occured while most European markets were closed.

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