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EQUITIES: Softer Indices Driven by Megacaps, Russell 2000 Outperformance Extends

EQUITIES
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  • Cash equity markets are mixed, with modest Dow Jones gains (+0.3%) coming despite weakness in the S&P 500 (-0.5%) and underperformance for the NASDAQ (-1.0%). A lower headline S&P 500 comes despite gains for 75% of constituent equities, as mega-cap names underperform.
  • As a result, smaller-cap names continue to outperform, evident in the Russell 2000's gains halfway through Thursday trade and continued post-election outperformance over the S&P (RTY +5.7%, SPX +3.0%).
  • Geopolitical risk remains a background concern, but it's single-name news that's driving prices here. The communication services sector is comfortably the poorest performer thanks to the 5.5% downstep in Alphabet shares as the DoJ stepped up their call for Google to sell the Chrome web browser on monopolistic concerns. NVidia shares also remain a focus following after-market earnings and the gap higher at the open - this has since reversed, putting the stock lower by 3% on the day and 7.5% off the session high.
  • While lower on the day, the e-mini S&P remains firmer off the week's lows, with the upward-sloping 50-dma defining the underlying uptrend, which targets 5977.52 intraday, ahead of 6053.25. Goolsbee and Hammack of the Fed are set to appear later today, however it's Schmid that is likely of more relevance - speaking on longer-term considerations for growth and monetary policy.
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  • Cash equity markets are mixed, with modest Dow Jones gains (+0.3%) coming despite weakness in the S&P 500 (-0.5%) and underperformance for the NASDAQ (-1.0%). A lower headline S&P 500 comes despite gains for 75% of constituent equities, as mega-cap names underperform.
  • As a result, smaller-cap names continue to outperform, evident in the Russell 2000's gains halfway through Thursday trade and continued post-election outperformance over the S&P (RTY +5.7%, SPX +3.0%).
  • Geopolitical risk remains a background concern, but it's single-name news that's driving prices here. The communication services sector is comfortably the poorest performer thanks to the 5.5% downstep in Alphabet shares as the DoJ stepped up their call for Google to sell the Chrome web browser on monopolistic concerns. NVidia shares also remain a focus following after-market earnings and the gap higher at the open - this has since reversed, putting the stock lower by 3% on the day and 7.5% off the session high.
  • While lower on the day, the e-mini S&P remains firmer off the week's lows, with the upward-sloping 50-dma defining the underlying uptrend, which targets 5977.52 intraday, ahead of 6053.25. Goolsbee and Hammack of the Fed are set to appear later today, however it's Schmid that is likely of more relevance - speaking on longer-term considerations for growth and monetary policy.