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Stocks Recover Smartly

EQUITIES
  • Tech outperformed value into the Monday close, with the NASDAQ higher by over 1.5% ahead of the close as stocks shrugged off opening losses. The e-mini S&P gapped lower at the open before making decent progress through the Friday highs to clock a positive close.
  • Tech names were the strongest in the S&P 500, closely followed by communication services and consumer discretionary. Financials and utilities made the poorest showing, with banks slipping as the US Treasury curve reverses recent steepening.
  • Across Europe, performance was more mixed, with German, UK names trading well while French and Spanish names sagged. Spain's IBEX-35 was led lower by BBVA shares, which suffered on large exposure to Turkish corporates.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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