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Markets Edge Off Record Open

EQUITIES
  • Markets edged to new alltime highs at the open, with the S&P 500 rising to touch 4,818.6 on decent volume, as markets re-adjust to normality after the holiday break. Despite the solid open, markets retraced from there, with a weaker than expected ISM Manufacturing read weighing on sentiment and turning prices lower.
  • Tech names led the decline, with healthcare and consumer discretionary not far behind. Markets tended to mimick the price action in Apple, which crested at new alltime highs and tipped their market cap above $3 trillion - albeit briefly. Shares then turned lower after a few hours, dropping around 1%.
  • European trade erred more positively, with the FTSE-100 and CAC-40 adding 1.4-1.6% to cap a solid start to the year.

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