After a roller-coaster ride overnight, US equities are tumbling out of the gate with tech-heavy Nasdaq leading the collapse as various big-tech 'no brainers' such as AAPL, FB, and NVDA are all plunging...

 


As Nomura's Charlie McElligott notes, all leadership stocks are getting crushed as macro funds absolutely nuke 'risk-on' positioning into year-end...

Whether due to 1) “end of cycle” view accelerating, 2) monetization / protection of YTD gains or the most likely 3) a mix of both points #1 and #2, Macro Funds cut risk across the board...

  • Macro Fund Beta to SPX down to just 17th %ile (from 39th %ile, and was 79th %ile one month ago)

  • Macro Fund Beta to Eurostoxx down to just 22nd %ile (from 76h %ile, and was 87th %ile one month ago)

  • Macro Fund Beta to EEM down to just 5th %ile (from 34th %ile, and was 67th %ile one month ago)

  • Macro Fund Beta to Nikkei down to just 39th %ile (from 80th %ile, and was 94th %ile one month ago)

  • Macro Fund Beta to Crude Oil down to just 34th %ile (from 84th %ile, and was 98th %ile one month ago

Individual names are getting hammered...

Zuck's having a bad day - FB at 20 month lows...

Nvidia continues its collapse...

And Apple is back below its 200DMA...