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Stocks Mixed as Oil Rout, Yield Rally Undermines Sentiment

EQUITIES
  • US equity futures started the Thursday session well, with prices holding toward the upper-end of the week's range thanks to a more dovish-than-expected Fed decision late Wednesday.
  • This support soon evaporated into the close, however, as a sharp pullback in oil prices and a resumption of the rally in Treasury yields undermined equity sentiment.
  • This kept the key psychological level of 4,000 intact for the e-mini S&P as prices retreated back toward Thursday's pre-Fed low of 3935.25.
  • Given the rout in oil prices, no surprise to see energy names among the session's poorest performers, with tech and consumer discretionary also suffering. Financials traded well, with banks benefiting from the steeper Treasury curve.

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