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Stocks Slip as Soft Oil Prices Drag on Energy Names

EQUITIES
  • Wall Street traded lower Thursday, with the S&P 500 shedding around 0.3% as sagging commodities prices weighed on oil & gas explorers. This put the energy sector at the bottom of the pile. Real estate and consumer discretionary names added further weight, while defensive healthcare stocks held minor gains.
  • Elsewhere, Tesla shares traded poorly as vague rumours that the company could make an announcement failed to materialize and knocked the stock lower by as much as 3.5%.
  • S&P E-minis rallied sharply higher Tuesday and the contract is holding onto recent gains. Futures are once again above the 50-day EMA, at 4568.46 today. This average highlights a pivot level and the strong recovery through it has improved conditions for bulls. The focus is on 4717.00 next, the Nov 26 high ahead of the all-time high of 4740.50. Key support and the bear trigger is at 4492.00, the Dec 3 low.

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