US equity markets have generally been on the back foot despite several events which could be considered risk-positive. The monetary stimulus measures by the PBOC initially caused a surge in US equity futures but was quickly pared and the subsequent measures by the BoE and ECB did little to aid risk appetite. The renewed pressure on the European periphery weighed on financial stocks which underperformed throughout the session, with big names JP Morgan and Morgan Stanley finishing down 4%. Technology stocks were the outperformers, with Research in Motion gaining 4.6% and Apple finishing firmly above USD 600 per share. There was some hesitation in the US ahead of the key non-farm payroll report tomorrow even though the ADP number came in significantly higher than expected. The overriding concern about global growth sapping momentum to the upside. Finally, the DJIA finished at 12896.67, down 0.36%; the SPX finished at 1367.58, down 0.47%; the NDX finished at 2647.47, up 0.06%
Print 20:06, 05 Jul 2012 - Market Analysis - Source: RANsquawk
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