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Free AccessEQUITIES: Tech Bounce Aids Recovery Off Last Week's Lows
- The e-mini S&P inches to a new daily high as markets continue to reverse the Friday leg lower, but the index will need a further 30 points to challenge the Friday high. A close higher today would snap the losing streak posted off the Tuesday cycle high at 5721.25 - intraday levels of note include 5631.62.
- It's unlikely Biden's withdrawal from the race has triggered the recovery off lows for equities this week - betting markets have shifted slightly to acknowledge Harris' nomination and likely candidacy, but Trump's comfortable lead remains - and news of Biden's stepping down across the tail-end of last week did little to prop up headline indices.
- Outperformance in tech names (the laggards and drivers of the sell-off last week) are bouncing well: the NASDAQ-100 mini is higher by 0.8%, while Europe's tech sector in the Stoxx600 leads, higher by 1.3% at pixel time.
- Earnings season continues apace this week, with Tuesday particularly busy - highlights include:
Monday - Verizon
Tuesday - General Motors, Lockheed Martin, Coca-Cola, General Electric, Visa, Alphabet, Tesla
Wednesday - AT&T, IBM, Ford
Thursday - AbbVie, American Airlines, Baker Hughes
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.