Judging by trading volumes today, the long Labor Day weekend has not yet begun for many US investors. The elevated participation (S&P volumes +14% vs. the 20day average) suggested that even the most aggressive holiday seekers wouldn’t miss the last day of the month and an MSCI rebalance. Unfortunately, the S&P couldn’t eke out a 5th day of gains, suffering into the afternoon and enduring a decent selloff into the close. The Nasdaq outperformed +11bps, despite the same closing selloff. There was…
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