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US Futures Sell Off Early Gains as McConnell Talks Down Stimulus Odds

EQUITIES

After a uniformly positive start for US equity markets, futures have inched off the day's highs (3,461.50 for the e-mini S&P) as Senate Majority Leader McConnell is cited as saying that a new stimulus deal is "unlikely" in the next three weeks.

Cash markets are in positive territory (just), with tech slightly outperforming (NASDAQ leads, Dow Jones lags). The 50-dma remains first support at 3375.80, which sits just above the Wednesday low at 3332.25.

On a sector-by-sector basis, real estate is the laggard, with financials not far behind (banks make up the bulk of next week's earnings releases). Tech and consumer discretionary firms are largely shielded from losses.

Attention turns to Trump's appearance on Rush Limbaugh's radio show at 1200ET/1700BST.

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