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Stocks Fade Off Alltime Highs as Pre-Fed Trade Thins

EQUITIES
  • Equity markets started the session well, with Wall Street following Europe higher, prompting the e-mini S&P to touch new alltime highs of 4,256.75. Price action faded in NY hours, however, with US futures ebbing around 20 points off the highs into the close. Liquidity and volumes faded, with markets eyeing this Wednesday's Fed decision.
  • The S&P's tech sector outperformed slightly, holding around 0.4% above water, while financials and materials lead declines.
  • Performance was more positive on the continent, with Spain's IBEX-35 adding 0.8% while Germany's DAX lagged, shedding 0.1% at the close.
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