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Morning stock market summary

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Global equities stumbled into the weekend on Friday, and they’re bumbling out of the gate to kick off the week. While Japan was closed, other Asian markets started off the week on a down note with the Hang Seng falling 1%, while India South Korea, and Australia all also saw at least 1% declines. Europe was open during much of Friday’s US sell-off, so it didn’t have as much to ‘catch up’ from this morning, but the STOXX 600 is still down close to 1% which is right in line with where US futures are trading this morning. The culprit behind the global weakness has primarily been interest rates as yields have been increasing worldwide. Add to that the relentless run in the dollar, and now oil prices moving up towards $80 per barrel, and it isn’t a good recipe for higher stock prices.

Large-cap tech was notably weak on Friday as it was the first day since September 11th, that the Nasdaq 100 ETF (QQQ) opened and traded the entire session below its 50-day moving average. It’s been less than a month, but QQQ has established a relatively well-defined trend of lower highs and lower lows.