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Stocks Surge at the Open, US Hits New Alltime High

EQUITIES
  • Having topped 4,000 last week, equities progressed further Monday, with the S&P hitting new all time highs shortly after the open in both cash and equity indices. The risk-on sentiment was evident in consumer discretionary and communication services outperforming, while the only lagging sector was energy thanks to a near 4% pullback in WTI and Brent crude futures.
  • Economic re-opening skewed firms including Norwegian Cruises, Carnival, Caesars Entertainment and United Airlines saw particularly sharp gains, rising by well over 4% apiece Monday.
  • European indices were closed due to Easter Monday market holidays.
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