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Mixed Performance for Wall Street, as Tech Undermines NASDAQ

EQUITIES
  • Wall Street looked to finish mixed on Monday, with the Dow Jones Industrial Average holding in the green while the NASDAQ lagged thanks to an underperforming tech sector.
  • The e-mini S&P briefly closed the gap with the Sep17 close, but markets will need to close above here (4464.25) to open further gains toward the record highs printed in early September.
  • The energy and financials sectors led the nascent recovery off the session's lowest levels, with oil and gas explorers buoyed by a new 2021 high in oil, while banks benefited from the steeper US Treasury curve.
  • A stabilization of equity markets kept VIX close to recent lows, with the index less than a point above last week's lows of 17.6 points.
  • Europe traded more favourably, with particular outperformance in Spain's IBEX-35. The Spanish index closed higher by 1.5% as a solid rally in Banco Santander underpinned the index.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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