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Stocks Edge Higher into Long Weekend, Vol Suppressed

EQUITIES
  • Continental stock markets traded well into the long weekend for US/UK markets, with the S&P 500 adding another 0.4% to narrow the gap with all time highs to around 20 points. Data proved supportive, continuing to point to a solid H2 rebound as PCE numbers and the MNI Chicago PMI generally fared better-than-expected.
  • The US healthcare sector outperformed, with technology and real estate firms also solid. Sizeable gains in the likes of Boston Scientific and Medtronic helped fuel gains. The materials and energy sectors were the foremost laggards as commodity markets consolidated.
  • Modest gains for stocks worked further against equity volatility, putting further pressure on the VIX, which looks well within range of post-pandemic lows.

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