Overnight saw another firm session for most US Indices but the small cap Russell 2000 Index was the standout exception falling -1.6%, local investors should be mindful that the ASX is regularly more correlated to this and European indices as opposed to the S&P500 which is heavily influenced by the US tech sector. The tech mega caps appeared to steady the broad market after Fed Chair Jerome Powell made a case for further stimulus increasing the attraction of this perceived defensive end of town in the process.
MM remains a keen buyer of US stocks into any meaningful weakness
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