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Stocks Give Up Strong Start, Ebb Lower Into Friday Close

EQUITIES
  • US equity futures traded well ahead of the NY open, with the e-mini S&P following Europe higher and testing the all-time highs posted Thursday at 4249. This clip failed to be maintained into the Friday close, however, with the quiet data and speaker calendar leaving little to distract, profit-taking pushed the e-mini S&P back through unchanged and into mild negative territory ahead of the closing bell.
  • Across the S&P 500, healthcare and real estate were the poorest performers, while the bounce in financials and tech names failed to support the headline index price.
  • The fade in stocks back to unchanged ahead of the close worked further against the VIX, which remains less than half a point above post-pandemic lows of 15.15 printed earlier this week.

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