Equities Pull Back After Record Close

Stocks are edging lower this morning after another record close on Friday.

S&P 500 futures are down two-tenths of a percent. European indexes have been falling modestly since the open and remain little-changed overall. Asian markets rallied overnight, led by gains of more than 1 percent in Hong Kong and Tokyo.

The S&P 500 is up 7 percent since bouncing at its 50-day moving average one month ago. Other benchmarks including the German DAX, the Dow Jones Transportation Average, and the Russell 2000 small-cap index have also broken to new highs. The strength has been varied across many areas, with limited correlation between currencies, commodities, and equities.

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