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Stocks Edge Off Alltime Highs

EQUITIES
  • Stock markets started solidly, with the S&P 500 and the NASDAQ Composite striking new alltime highs at the open. This early strength faded as the session continued, however, with the Dow Jones slipping back into negative territory and the S&P 500 back to flat.
  • Tech outperformed, which propped the NASDAQ above water into the close, buoyed by a solid turnout from chipmakers NVIDIA and Intel.
  • Energy names were notable underperformer, with a flattening of the recent crude rally working against major oil & gas explorers. This increases the focus on the OPEC+ meeting later this week, at which the group are seen raising their daily output by as much as 550,000bpd.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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