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Stocks Chewing Through Monday Gains in Early Trade

EQUITIES
  • Stocks edging lower from the open here, with the e-mini S&P beginning to chew through the late rally in indices on Monday. The index is now lower by around 7 points or so, but volumes so far are somewhat thinner than the recent average - likely as large players sit on the sidelines ahead of tomorrow's Fed decision.
  • Real estate and materials names are leading losses, with just energy and industrials holding their heads above water.
  • Notable S&P 500 movers include Freeport McMoRan, who are sliding sharply on the back of the weaker copper price today.
  • Gainers include oil & gas and exploration names, with Occidental Petroleum, Marathon and ExxonMobil all higher by 2.5% or more as WTI tops out at a new cycle high.
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