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Stocks Soften, TelCos Lead Losses

EQUITIES

After a very modest positive open, US equities softened into the close, with the S&P500 opening a ~1% gap with the alltime highs posted late last week. Telecomms underperformed, dragging the communication services sector lower, but losses were also noted in large tech names including Netflix and Twitter. At the other end of the table, energy outperformed, with a persistent rise in oil prices helping contribute.

Focus on the first wave of earnings reports due later in the week, from BlackRock, JPMorgan, Citigroup and Wells Fargo.

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