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Stocks Inch Higher, But Gains Inconsistent

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  • The e-mini S&P edged higher still Thursday, topping out at new record highs of 4092.75. This cements further the bull trend, with prices rising over 6% since the late March lows. Markets await any signs of overbought conditions, with the RSI edging toward the highest levels of the year so far.
  • The VIX broke lower still, hitting 16.55 and the lowest level since late February last year. The index has now wholly erased the pandemic-induced lurch higher.
  • In cash markets, tech firms surged, helping NASDAQ gains outstrip both the S&P 500 and the DJIA. The energy was the laggard, with large cap names ExxonMobil and Chevron slipping close to 1.5% as oil prices moderated further.
  • Earnings season kicks off next week, with the likes of JPMorgan, Wells Fargo, Goldman Sachs and Bank of America on the docket.