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Stocks Sit Lower In Final Session Pre-Fed

EQUITIES
  • Wall Street traded uniformly lower Tuesday, with the S&P500 shedding over 1% and the tech-led NASDAQ underperforming most notably. Sentiment was shaky from the off, with a South African omicron study showing the Pfizer jab's effectiveness waned considerably in the face of the new omicron strain relative to previous variants.
  • Tech names including Adobe, Microsoft and Salesforce fell most sharply, with a downgrade from JPMorgan analysts largely responsible alongside a PPI release that came in considerably higher than expected. This put factory gate price rises at their highest level on record for the index, nearing 10% Y/Y.
  • Financials fared much better, with banks enjoying an uptick in the US yield curve, flattering lending margins and driving the likes of Bank of America, JPMorgan and Citigroup higher by 1% against a falling index.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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