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Early Gains Sold, But Inside Last Week's Range

EQUITIES

Stocks were mixed into the cash close despite a solid start. The S&P 500 gapped higher at the open, following inline with futures and European equity space, but gains were sold as a mid-session drop in oil dragged on energy names, which were comfortably the worst performing sector Monday.

Nonetheless, the e-mini S&P remains well within range of the alltime highs posted last week at 3714.75, which remain the key upside target. The VIX largely held last week's gains, sitting just below 25 points.

Oil & gas names were among the individual underperformers - the likes of Occidental Petroleum and Diamondback Energy fell well over 5% apiece, while pharmaceuticals traded well on M&A news, with Alexion Pharma rising over 30% after a $39bln approach from UK's AstraZeneca.

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