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U.S. equities finished the first trading day of the week mixed amid pressure from the Financials and Energy sectors, while a modest reversal to the upside in Information Technology issues kept losses in check. Caution may have set in ahead of one of the busiest weeks for earnings season and as the Federal Reserve is set to deliver its first monetary policy decision of 2021. The markets got some favorable news regarding the fight against the rise in COVID-19 cases and variants, after Moderna announced that its vaccine appears to hold efficacy against the variants first found in the U.K. and South Africa. In other equity news, Kimberly-Clark posted positive Q4 and guidance, and AMC Entertainment said imminent bankruptcy risks are off the table after recent capital raising efforts. In light economic news, Dallas manufacturing output unexpectedly slowed but remained in expansion territory. Treasuries gained ground to apply downside pressure to yields and the U.S. dollar ticked higher, while gold finished little changed in choppy trading and crude oil prices notched higher. Europe finished lower, hamstrung by weakness in Financials and Energy, while markets in Asia were also lower.
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