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Stocks Fail to Print New Highs For First Session in Nine

EQUITIES
  • US equity markets snapped a solid winning streak Monday, closing lower as the e-mini S&P dipped back below 4,150. The index had printed a new all time high for eight consecutive sessions, with Monday's pullback possibly presaged by the RSI inching into overbought territory at the tail-end of last week.
  • Tech and consumer discretionary names led losses, with both sectors falling by over 1% apiece in the cash S&P 500. Re-opening names were among the poorest performers, largely on profit-taking, but partially on vaccine concerns, with Penn National and Caesars Entertainment lower by over 4%.
  • The pullback in stocks Monday has provided some much-needed support for the VIX, which managed to re-gather above 18 points, close to the April highs.
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