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Ending A Listless Session On A Softer Note

US STOCKS
  • The S&P e-mini at 4560 (-0.2%) is ending the session on a weaker note but remains within earlier ranges after a volatile day with little clear trend.
  • It continues to sit towards resistance at 4580.5 (Nov 22 high) after which sits key resistance at 4597.5 (Sep 1 high), whilst support is seen at 4501.75 (Nov 16 low).
  • Treasuries have seen a solid rally today, but it has predominantly been borne out in lower breakevens with a small decline in real yields, offering less of a macro tailwind to stocks (10Y yield -7.8bps, breakevens -5.2bps).
  • The Nasdaq 100 outperforms (unch) whilst the Dow and Russell 2000 marginally underperform (-0.24/-0.3%).
  • As for SPX, real estate (+0.6%) and consumer discretionary (+0.3%) lead whilst energy (-0.8%) and health care (-0.7%) lag. Hinted by the Nasdaq outperformance, some large names help aggregate bias returns higher, with Nvidia and Amazon paring earlier gains but both still +1%.
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