Eurostoxx futures -1.6% in early European trading
Softer tones observed in early trades
- German DAX futures -1.7%
- UK FTSE futures -1.1%
- Spanish IBEX futures -1.5%
European stocks were more choppy in trading yesterday but closed with little change after the meltdown on Wednesday. For today, the more sour mood in US futures is proving to be a drag on market sentiment as we get the session underway.
S&P 500 futures are down by 2.1% while Nasdaq futures are down by 2.4% now.
Despite the retracement move yesterday, the S&P 500 didn't quite manage to convincingly break away from its 100-day MA (red line) so that is a technical reason for sellers to hop on amid all the uncertainty surrounding the election next week.