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E-mini S&P Oscillates Below Last Week's Highs

EQUITIES
  • Stock markets were mixed Monday, sitting just below the alltime highs posted at the end of last week. The e-mini S&P oscillated below Friday's 4711.75 print, which remains the first upside target ahead of projection levels layered above at 4717.00 as well as 4746.68.
  • Oil & gas names - particularly services firms - are trading solidly, helping the sector top the S&P 500 in early Monday trade. Energy firms are firmer as WTI and Brent crude shrug off early pressure to add over 0.5% apiece.
  • Moves comes despite the US Energy Secretary Granholm telling US press that an announcement could come this week from Biden himself in an effort to confront soaring energy costs.
  • Granholm added that the President is looking into other tools, having made informal approaches to OPEC in recent months to up supply. The lack of major response in markets may reflect an expectation that US action will fall short in a market that remains focused on the OPEC+ production outlook.
  • Utilities were at the other end of the table, with consumer staples and discretionary firms also trading poorly.
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