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Free AccessStocks See Flat Open, With Few Fresh Cues for Equities
- Wall Street opens mixed-to-flat after Friday's negative close. Futures have recovered off the European morning lows, with the e-mini S&P in minor positive territory. Industrials and consumer staples are the early outperformers, countered by weakness across communication services and utilities. 240 stocks are lower, while 230 names sit in positive territory.
- NYSE TICK Index shows no notable opening activity, retaining the neutral theme present across the opening bell. Friday's pullback is deemed technically corrective in nature, keeping an underlying bull theme intact for now. Any resumption of weakness keeps attention on first support at 4411.98, the 20-day EMA. Bull trigger remains 4498.00, the Jun 16 high.
- Worth recalling that quarterly earnings season kicks off this week, with Fastenal, PepsiCo due Thursday followed by Wells Fargo, JPM BlackRock, State Street and Citigroup on Friday.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.