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US stock markets started the week with a lacklustre performance, with the S&P 500 erasing an earlier gain of 0.9% to end in the red at -0.4% (3,647), together with the Dow Jones Industrial Average -0.6% (29,861). The tech heavy Nasdaq 100 and domestic US small caps Russell 2000 fared better, with gains of 0.7% and 0.1%. The Nasdaq 100 and Russell 2000 closed at 12,462 and 1,913 respectively.
Yesterday s S&P sector performance scorecard painted a clearer picture of the cyclical/value-oriented stocks underperformance, as financials, industrials and materials recorded losses between -1.2% to -1.3%, while the worst performer was the energy sector (at -3.5%), despite a gain of +0.9% (46.99) in light crude oil futures. Outperformers went consumer discretionary +0.4% and information technology +0.4%.