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Stocks Soft at the Open, With Sizeable Sell Program Evident at the Bell

EQUITIES
  • Equity markets follow futures lower from the cash open, with the S&P500 off well over 1% in the first few minutes.
  • A sizeable sell program was evident at the open, with 1,923 names sold at the bell. This marks the fifth largest sell order of 2021, and the seventh largest of the past 12 months.
  • Energy and financials are among the sharpest decliners, with soft oil prices working against oil & gas names while financials suffer from the flatter US yield curve.
  • COVID concerns also remain paramount, with United Airlines the worst performer in the S&P500, while Norwegian Cruiselines trades lower by over 5%.

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