S&P 500 futures -2.0%
Nasdaq futures -2.3%
Dow futures -1.7%
Things are not looking good in the equities space to start the week as last week’s drop on Thursday and Friday is carrying over to this week. Europe’s Stoxx 600 is also down 2% on the day now as the selling continues.
Tech is bearing the brunt of it as higher yields continue to prove to be a drag on sentiment this year. 10-year Treasury yields are up 5.7 bps on the day to 3.183% at the moment.
This isn’t a confident-looking chart by any means:
The 50.0 retracement level of the pandemic rally is the next key support but that stands at 11,421. That would represent a 6% drop from the Friday close.