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Banks eye pressure amid recovery.
Market Moving Headline:
The drop wasn’t entirely uncalled for.
Into the seasonally-aligned price rise led by the Nasdaq 100 and S&P 500, inflows decelerated and breadth weakened.
At the same time, a measure of inflation – via the Consumer Price Index (CPI) – rose the largest since the Global Financial Crisis. In response, the 5s30s curve resumed its flattening and the 10-year U.S. Treasury yield ended little changed.
Key Takeaways: Equity index futures spike lower in their attempt to discover fair prices for two-sided trade.
- COVID, waning stimulus cloud outlook.