Tick Tock, Tick Tock… The clock is slooowly counting down to the weekend, which can’t come soon enough for US stocks as Tech keeps tick-ticking lower and tick-taking everything else with it. Early on it looked like the sector might use the quad-witching Friday as a chance to bounce out of a busy Fed week, but instead it has steadily slid as the session’s gone on. News that Tik-Tok’s own clock is ticking isn’t helping: the Commerce Dept announced it will block US downloads of the China-founded app starting Sunday, stirring doubt over Oracle’s (ORCL – 0.9%) deal with parent ByteDance will be approved. Second wave virus concerns are also weighing, with data from Europe showing the largest jump in daily cases in months from countries like France and Germany spilling cold water on Travel/Leisure and Airline names (CCL -4.5%, MGM -2.6%, UAL -3.8%). Still signs of rotation are around, with Autos clinging to green and Banks/Financials and non-airline Transports outperforming as well. US indices have attempted to put in a bottom over the last 30 mins (S&P went through 3300) but it could be a bumpy ride into expiry at the close…
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