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Morning stock market summary

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US equity futures are up slightly this morning as investors digest a surprise rate hike from the ECB and await a slug of economic data at 8:30 AM ET, including August Retail Sales, August PPI, and weekly Jobless Claims.

Markets continue to trade heavy and small-caps continue to underperform as we work our way through what has historically been the worst month of the year for stocks.  As shown below, the Russell 2,000 closed below its 200-day moving average yesterday for the first time in months as a short-term head and shoulders pattern has formed.

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