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E-Minis Hold Gains From Late Wall St. Rally On Monday

EQUITIES

E-minis deal 0.3-0.4% firmer apiece at typing amidst spillover from a late rally on Wall St. (the major cash indices reversed losses to close between 0.6-0.8% firmer in the closing hours of the NY session), with the three contracts briefly showing through their respective Monday highs earlier.

  • To recap, mega caps in the typically rate-sensitive tech sector contributed the most to gains on Monday, coming even as U.S. Tsy yields ended the session higher, with 10-Year Tsy yields briefly breaking above the 3.50% mark during the session for the first time since 2011.
  • Some have suggested that the rally may point to positioning ahead of Wednesday’s FOMC on hope from some quarters re: a less hawkish Fed, with e-minis ultimately continuing to operate close to the bottom of their respective ranges for Sep at writing.
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