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S&P500 On Track for Longest Winning Streak Since August

  • Following the London close, the S&P 500 traded in positive territory, putting the index on track to secure a seventh consecutive session of gains - the longest winning streak since early August. Markets also traded above the record close on 4536.95, opening a move on the alltime intraday high of 4545.85 - both metrics were printed on Sept 2nd.
  • A slip off the highs for WTI and Brent crude futures worked against energy names, putting the sector at the bottom of the G10 pile. Losses across energy names were countered by strength in consumer discretionary and utilities, with automakers also a source of strength. Tesla traded particularly well after a solid set of earnings after-market Wednesday.
  • European markets were more patchy, with most headline indices slipping 0.2-0.3% at the bell. Spain's IBEX-35 and the UK's FTSE-100 were the poorest performers, dropping 0.6% and 0.4% respectively.
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