Tech Mega Caps Post Solid Results

But Not Without Flaws

Highlights

• U.S. equity futures tumble amid concerns over Tech mega cap earnings

• Gilts yields jump post-Reeves budget — but good news for sterling

• Even with yesterday’s solid GDP number, excess supply continues to build in the economy

• New data show labor market loosening and wages cooling

Key Takeaways

Risk-Off Sentiment Returns Amid Tech Mega-Cap Weakness

• The risk-off trade is back in vogue. U.S. equity futures are deep in the red in the early going, undercut by some unfavorable news from the Tech mega caps.