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Early Gains Moderate in Steady Session

EQUITIES
  • Equity futures traded particularly well throughout European hours, with the e-mini S&P trading within striking distance of the early May all time highs. Following the opening bell, however, markets consolidated, with indices drifting slightly lower.
  • Slippage in energy and utilities stocks countered the progress made in real estate and industrials, leaving most cash markets broadly unchanged on the day.
  • Economic re-opening names continue to outperform, with Carnival, Royal Caribbean and United Airlines among the S&P 500's top performers. Oil & gas names fell as Brent and WTI moderated. ExxonMobil and Occidental Petroleum were among the index's largest decliners.

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