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S&P 500 Flat, Volumes Quieter

EQUITIES

One hour in from the cash open and equity markets are broadly flat - the S&P500 is unchanged and has erased a small negative open to hold a 1% gain on the week. Industrials and consumer staples are stronger, with tech still lagging, this time joined by communication services & consumer discretionary.


  • Some of the winners of the Monday session (most notably cruiseliners) are the worst performing Tuesday. Carnival, Darden Restaurants, & Norwegian Cruise Line are all down 5% or more.
  • After yesterday's frantic session (daily volumes were around 40% above average for ES1) today's activity is more muted, with volumes crossing a little softer than average for this time of day.

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