The S&P 500 endured a tough session overnight with the heavyweight tech names leading the falls, as Wall Street braced for an economic data deluge after the end of the US shutdown. With optimism about the government reopening priced in, concern about valuations emerged, prompting a selloff in high-flying tech giants. Under the surface, some market observers pointed to a rotation into more defensive names, something we’ve been observing on the ASX for weeks – we saw Tesla, Nvidia and Oracle all fall well over 4%.
- We are still giving the bull market the benefit of the doubt, but another test of 6500 support wouldn’t surprise us, around 5% lower.
MM remains neutral on US stocks in the short term
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