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US Stock Markets Open Broadly Flat Ahead of First Presidential Debate

EQUITIES

The main three US indices are mixed, but broadly flat in early cash trade, with the Dow Jones Industrial Average off 0.2% while the NASDAQ gains around 0.1%. The S&P500 is flat.

The energy sector is underperforming, with lower crude prices today adding some weight (traders eye comments from Glencore's chairman, who said he sees a Biden victory meaning little change in US shale policy). Healthcare and utilities modestly outperform, but gains are shallow. Individual strength is seen in Facebook, Twitter shares, as well as Molson Coors after striking a distribution deal with Coca-Cola.

The e-mini S&P has found it difficult to top the 3,351.84 50-dma, with prices reverting lower after a failed break in Asia-Pac hours. 3,324.06 acts as immediate support, with 3,299.97 - marking the 23.6% and 38.2% retracement of the rally from last week's low.

The VIX is little changed in early trade, sitting well inside Monday's range.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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