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Dow Slips From Record High Today as Investors Brace for Holiday-Shortened Week and Key June Jobs Report

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FTSE 100 Surges 0.8% Today as Oil Eases and Markets

The Dow Jones Industrial Average pulled back Tuesday, giving up a small portion of the previous session’s record-setting rally as investors paused to digest a busy stretch of upcoming economic data ahead of a holiday-shortened trading week.

The blue-chip index fell 109.67 points, or 0.21%, to 52,073.07, a day after closing above 52,000 for the first time in its history. Monday’s record finish of 52,182.74 capped a sharp rally across Wall Street, with the index gaining 306.63 points, or 0.59%, on the day, while the S&P 500 rose 1.18% to settle at 7,440.43 and the Nasdaq Composite surged 2.07% to close at 25,820.15.

Monday’s advance was driven by easing tensions between the United States and Iran, with President Donald Trump indicating that peace talks between the two countries were set to resume Tuesday, alongside a broad rebound in technology and so-called “Magnificent Seven” stocks following a rough patch the prior week. Alphabet led that charge, jumping roughly 5% in its debut session as a member of the Dow Jones Industrial Average after replacing Verizon in the 30-stock index. Tesla also stood out among megacap names, climbing more than 8% on the day, while Amazon and Meta each advanced more than 2%.

Tuesday’s session opened on a more mixed note. Dow futures had pointed modestly higher ahead of the bell, supported by stronger-than-expected manufacturing output data and a more stabilized outlook for industrial production, with investors rotating attention toward cyclical industrial names. Conglomerate 3M led individual gainers, climbing more than 3% following a favorable legal settlement update and improved margin guidance, while Nvidia and Johnson & Johnson also posted gains in early trading. That strength was offset by weakness in enterprise software and retail-facing names, with IBM emerging as the session’s biggest laggard following a cautious outlook on cloud spending, while Home Depot and Salesforce also slipped. Financial heavyweights JPMorgan Chase and American Express weighed further on the index during the intraday pullback.

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Beyond Alphabet’s high-profile Dow debut, Monday’s broader market strength carried several other notable storylines. Comcast shares surged roughly 25% in premarket trading after the company announced plans to split into two separate, publicly traded companies through a tax-free spin-off of its NBCUniversal and Sky businesses, a transaction expected to close within about a year. Comcast Chairman and co-CEO Brian Roberts framed the move as an effort to give each business greater room to grow independently.

“The transaction we are announcing will unlock a more entrepreneurial management approach and open up a multitude of new opportunities for each business,” Roberts said.

Space and satellite stocks also stood out Monday after Rocket Lab announced an $8 billion deal to acquire satellite communications company Iridium, sending Rocket Lab shares up nearly 16% and Iridium shares soaring more than 25%. The semiconductor sector posted broad gains as well, with the VanEck Semiconductor ETF climbing more than 3%, even as contract manufacturer Super Micro Computer fell nearly 6% following a report that Taiwanese officials had raided the company’s headquarters as part of an investigation into alleged chip smuggling.

The renewed risk appetite across markets followed a turbulent stretch tied to the broader U.S.-Iran conflict. The two countries reportedly agreed over the weekend to halt hostilities and allow commercial vessels to resume passing through the Strait of Hormuz, easing fears that had built up after Iran targeted shipping vessels and military installations in Kuwait and Bahrain, prompting U.S. retaliatory strikes. That de-escalation helped reverse a five-day losing streak that had dragged the S&P 500 down nearly 2% and the Nasdaq down close to 5% over the prior week, even as the Dow managed to post a modest 0.6% gain across that same stretch thanks to relative strength in defensive and industrial sectors.

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Looking ahead, markets are entering a holiday-shortened trading week, with U.S. exchanges closed Friday in observance of the Fourth of July holiday weekend. That compressed schedule has pushed the closely watched June nonfarm payrolls report to Thursday instead of its usual Friday release date. The monthly jobs data is considered a key input for the Federal Reserve’s interest rate deliberations, and economists have pointed to May’s surprisingly strong gain of 172,000 jobs as a benchmark against which June’s figures will be measured.

Ahead of Thursday’s jobs report, investors face a steady stream of additional economic data this week, including consumer confidence figures and the Job Openings and Labor Turnover Survey, both released earlier this week, along with Wednesday’s ADP private payrolls report, construction spending data and the Institute for Supply Management’s manufacturing index, which will offer an early read on factory-sector activity heading into the second half of the year. Nike and Constellation Brands are also among the notable companies reporting earnings during the holiday-compressed week.

Beyond the immediate economic calendar, market participants continue to monitor the durability of the U.S.-Iran ceasefire, given how quickly sentiment shifted last week when fresh attacks briefly threatened to unravel the truce. Also weighing on sentiment in recent sessions has been a report that Apple supplier Tata Electronics suffered a major data breach exposing sensitive details about the unreleased iPhone 18 Pro, along with broader questions about the pace of artificial intelligence-related capital spending across the technology sector following reports that OpenAI could delay its planned initial public offering.

For now, Tuesday’s modest pullback appears to reflect a market catching its breath after Monday’s record-setting rally rather than a meaningful shift in sentiment, with investors largely keeping their focus trained on Thursday’s jobs data and the durability of the easing geopolitical backdrop as the most likely catalysts to determine the market’s direction heading into the Fourth of July holiday weekend.

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Topps Tiles cuts profit forecast as heatwave disrupts UK construction and tile sales

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The Leicestershire-based tile chain said sales fell 1.8% in the three months to June 27

A Topps Tiles store

Topps Tiles has been hit by the heatwave(Image: PA)

Tile retailer Topps Tiles has been hit by a double blow, as soaring temperatures compounded already difficult trading conditions, prompting the Leicestershire-based chain to warn on profits.

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The company reported a 1.8% drop in sales during the three months to June 27, with flat like-for-like revenues across its core Topps Tiles brand — a picture that deteriorated as the quarter progressed.

Demand has shifted towards lower-priced products amid growing uncertainty amongst customers, with the blistering heat at the end of June only adding to the firm’s trading difficulties.

Topps said: “Recent periods of extreme heatwave conditions led to temporary work stoppages among housebuilders and traders, further affecting activity levels.

“Whilst there is likely to be a catch-up over a six-month period, this is unlikely to come back fully in our financial year which ends in September.”

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The group now anticipates underlying profits for the year to the end of September to come in above £6.5 million — a significant decline from the £9.2 million recorded the previous year.

Shares in the company dropped 8% shortly after markets opened on Wednesday.

Chief executive Alex Jensen said: “Topps continues to outperform the wider market despite weaker consumer sentiment and an increased focus on lower priced products.

“We’re making significant strategic progress across our priorities and the self-help actions we are taking to support profitability are working and will position the business for long-term sustainable growth.

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“In the short term, the macro-economic environment continues to remain challenging.”

The group has been cutting costs sharply in response to tougher trading conditions, and in April confirmed the closure of 23 shops — representing 7% of its 319-strong estate.

Store shutdowns across its Topps and CTD brands have placed further strain on revenues.

Topps’ acquisition of CTD out of administration came under scrutiny from the Competition and Markets Authority (CMA), which demanded the disposal of a number of CTD outlets to address competition concerns.

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The company now operates 23 CTD stores, reduced from an original 31.

In December, it also snapped up the brand of stricken rival Fired Earth in a £3 million rescue deal, after the Oxfordshire-based competitor collapsed into administration in October, triggering the closure of all 20 of its UK showrooms and 133 redundancies.

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Comcast Splits, Lisa Cook Gets a Reprieve and Tech Stocks Rebound | Markets P.M. for June 29

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Comcast Splits, Lisa Cook Gets a Reprieve and Tech Stocks Rebound | Markets P.M. for June 29

This is an edition of the Markets P.M. newsletter, a recap of the day’s most important markets moves, delivered after the closing bell. If you’re not subscribed, sign up here.


What Happened in Markets Today

The Supreme Court blocked Trump from firing Lisa Cook. The Court on Monday rejected President Trump’s bid to fire Federal Reserve Gov. Lisa Cook with little legal scrutiny. In a second decision, however, it gave Trump free rein to fire officials at other independent agencies for any reason. The pair of rulings effectively delivers a split verdict on Trump’s second-term effort to exert maximal control over the executive branch, protecting the Fed’s special status but not other agencies.

Copyright ©2026 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

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Euro zone factory output ends first quarter on strong note, cost pressures ease – PMI

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Euro zone factory output ends first quarter on strong note, cost pressures ease - PMI


Euro zone factory output ends first quarter on strong note, cost pressures ease – PMI

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AeroVironment Reports Higher Fourth-Quarter Profit As Revenue More Than Doubles

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AeroVironment Reports Higher Fourth-Quarter Profit As Revenue More Than Doubles

AeroVironment AVAV 18.76%increase; up pointing triangle reported a higher profit as revenue more than doubled during the fiscal fourth quarter.

The drone maker on Monday reported a profit of $63.2 million, or $1.25 a share, for the quarter ended April 30. That compares with a profit of $16.7 million, or 59 cents a share, a year earlier.

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Rahul Jain sees challenging FY27 for KPIT despite strong deal pipeline

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Rahul Jain sees challenging FY27 for KPIT despite strong deal pipeline
KPIT Technologies‘ latest business update has reignited concerns over the company’s near-term growth outlook, with analysts pointing to project-related setbacks and a slower-than-expected recovery despite a healthy deal pipeline. While management continues to expect improvement in the second half of FY27, the Street remains cautious about how quickly new wins can offset the impact of recent programme closures.

Rahul Jain from Dolat Capital believes the current weakness is more execution-specific than an indication of a broader structural slowdown.

“In their Q4 call also, they highlighted that there are two SDV programmes they were working on. We are seeing some conclusion, which was unexpected for them. Despite very strong deal wins, it would be difficult for those wins to translate quickly enough to cover the fall from these two programmes. As a result, Q1 looks challenging, and they have also indicated that things might improve only in the second half of the year. Based on our calculations, they are unlikely to see a positive year in FY27,” he said.

Profitability could come under pressure

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The weaker revenue outlook also raises questions over KPIT’s ability to maintain its FY27 EBITDA margin guidance of 20.5% to 21.25%.

According to Jain, currency movements remain one of the few supportive factors, but margins could still face pressure if growth continues to disappoint.
“Growth could be a challenge for profitability in general, so that is always a concern. The only supporting factor currently is the currency, which is at least accretive. If they are able to manage costs and the currency remains supportive, profitability can stay within the indicated range. But if it turns out to be a declining year, sustaining those margins will also be challenging,” he said.
Not necessarily a sector-wide problem
While KPIT derives significant business from global automotive clients, including BMW, Jain believes investors should avoid drawing broad conclusions for the entire engineering research and development (ER&D) space.

He noted that performance has often differed across companies despite operating in similar markets.

“We have seen in the past that there has been disparity, with KPIT doing well while others were not, and vice versa. I would not extrapolate this to the broader ER&D space. However, certain OEMs are facing challenges and issuing profit warnings. That could affect several vendors across both IT services and ER&D. I would not directly correlate it, but it is a painful situation where many companies could gradually feel the impact,” he said.

Markets may remain sceptical about H2 recovery
KPIT’s shares have already corrected sharply over the past year, making investors increasingly cautious about management’s expectation of a second-half recovery.

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Jain acknowledged that while the company’s sizeable order wins provide some comfort, execution remains the key challenge.

“It is difficult to believe that things could turn around very quickly. The only supporting argument is the nearly $349 million worth of deals, which indicate that new wins are coming in. It is more about managing the transition in existing accounts while scaling business from newer clients. Last year they also spoke about entering the Chinese market, and they have already secured one customer there. If they execute well with Chinese OEMs, that could become an important growth driver and improve the exit trajectory,” he said.

Estimate cuts likely
Following the latest developments, analysts are reassessing their earnings expectations for FY27, with meaningful downgrades now appearing likely.

Jain indicated that current projections are significantly below earlier expectations, while the upcoming quarterly commentary will be crucial in determining whether the recovery narrative remains intact.

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“We do not have a precise FY27 outlook yet. But based on our assessment, there is at least a 7-8% reduction compared with the numbers we were building earlier, which is a meaningful change in estimates. We now look forward to management’s commentary on how things are progressing, how the deal wins are shaping up, and how the non-affected parts of the business are performing during the Q1 call. At this point, the impact could be around 7%,” he said.

With revenue visibility weakening and recovery pushed further into the fiscal year, investors are likely to focus closely on KPIT’s first-quarter earnings for signs that fresh deal wins are beginning to compensate for the slowdown in existing programmes. Until then, market sentiment towards the stock is expected to remain cautious.

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Rocket Lab Takes a Page From SpaceX’s Playbook With Its Transformative Iridium Buy

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Rocket Lab to Buy Iridium for $8 Billion in ‘Transformative’ Space Deal

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Putin Admits Fuel Shortages From Ukrainian Strikes Are ‘Not Critical’ in Rare Public Acknowledgment

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Self-Exiled Chinese Billionaire Guo Wengui Sentenced to 30 Years in

MOSCOW — Russian President Vladimir Putin offered an unusually candid public acknowledgment over the weekend of widespread fuel shortages gripping the country, conceding that Ukrainian missile and drone strikes on energy infrastructure have created real difficulties for Russian motorists, businesses and the agricultural sector, even as he insisted the situation remained under control.

The shortages have been visible across Russia for months, with long lines forming at petrol stations, fuel rationing spreading to dozens of regions, and refineries repeatedly damaged by Ukrainian strikes reaching from Moscow to the Black Sea coast. In Crimea, the Russian-annexed Ukrainian peninsula, drivers have been barred from filling their tanks altogether so that available fuel can be redirected to military vehicles. Despite the visible strain, Putin had largely avoided addressing the crisis directly in public until a weekend meeting with senior officials and oil executives.

Speaking candidly at that meeting, Putin acknowledged the toll the shortages have taken on ordinary Russians.

“You’re well aware that problems persist for both motorists and businesses,” Putin told the assembled officials. “Unfortunately, there are still queues at petrol stations, and finding the right grade of petrol isn’t always easy.”

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Putin also pointed to the strain on Russia’s agricultural sector, noting that the country’s harvest depended on fuel supply schedules being met on time, an acknowledgment that ties the energy crisis directly to broader concerns about food production and the domestic economy heading into the back half of the year. According to independent Russian outlet Mediazona, 56 Russian regions are currently enforcing some form of fuel restriction, underscoring how widespread the disruption has become.

In a subsequent interview with Russian state television, Putin went further, offering what diplomatic observers described as an even more open assessment of the crisis than his earlier remarks to officials.

“We are currently seeing a certain shortage, but it’s not critical,” Putin said, while acknowledging that Ukraine’s attacks were “obviously creating problems.”

He pledged to ramp up production of air defense systems to better protect Russian energy infrastructure from further strikes, and said authorities would work to accelerate repairs at refineries that have already sustained damage from Ukrainian attacks. Regarding Crimea specifically, Putin admitted the peninsula currently had only “a few days’ supply” of fuel remaining, though he expressed confidence that additional fuel would be brought in to address the shortfall soon.

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The directness of Putin’s comments marks a notable departure from his typical public posture on the war’s domestic costs. BBC diplomatic correspondent James Landale, reporting from Moscow, noted that the scale of the shortages and the resulting public awareness had likely left Putin with little choice but to acknowledge the reality on the ground, even as he continued to insist, as he has throughout the conflict, that Russia’s broader war effort was making progress.

Putin’s admission regarding Crimea’s fuel difficulties carries particular symbolic weight given the peninsula’s outsized importance both to ordinary Russians and to Putin personally. Since Moscow’s occupation of Crimea began in 2014, the Kremlin has transformed the peninsula into a major military base and a strategic anchor for controlling the Black Sea, using it as a launching point for Russia’s full-scale invasion of Ukraine in 2022. Any sign of strain there carries political resonance well beyond its immediate practical impact.

During the televised interview, Putin offered an explanation for why he chose to address the issue so openly, framing Ukraine’s strategy as an attempt to fracture Russian society and erode public support for the war effort, while pushing more Russians toward favoring negotiations to end the conflict.

“We won’t give them that chance,” Putin said, adding that Ukraine’s long-range strikes were having “absolutely no impact on the situation at the front line.”

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That assessment is directly disputed by officials in Kyiv, who argue that Ukraine’s deep strikes inside Russian territory serve a dual purpose: bringing the tangible costs of the war home to ordinary Russian citizens while also forcing Russian military commanders to divert air defense resources and personnel away from the front lines in eastern Ukraine to protect domestic energy infrastructure instead.

The acknowledgment comes amid a period of growing confidence in Kyiv that battlefield momentum may be shifting in Ukraine’s favor. In recent months, Ukrainian forces have launched deep strikes against targets in both St. Petersburg and Moscow, intensified attacks on Crimea, and pursued a more aggressive strategy aimed at inflicting maximum casualties along the front line. Despite that shift in tactics, the Kremlin reaffirmed Monday that its core territorial objectives remain unchanged. Kremlin spokesman Dmitry Peskov said Russia’s position continues to be that Ukrainian forces must withdraw from four southeastern regions that Moscow claims as its own, territorial claims that Kyiv categorically rejects.

In the same interview, Putin claimed that Ukraine had signaled willingness to limit hostilities and begin negotiations, though he dismissed any such overture as a tactical maneuver designed to give Kyiv time to regroup and rearm rather than a genuine push toward peace.

“It is clear why this proposal is being made, because our counter-strikes deep into Ukrainian territory are much stronger, have greater impact and are, frankly, more destructive,” Putin said.

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He went on to characterize Ukraine’s own strikes against Russia as an attempted “salvation” for what he described as a Ukrainian military that has been “catastrophically” depleted by years of fighting, while making clear that Moscow had no interest in offering Kyiv’s leadership any reprieve.

“But saving the Kyiv regime is not part of our plans,” Putin said.

The rare public airing of Russia’s fuel crisis offers one of the clearest signals yet of how Ukraine’s sustained campaign against Russian energy infrastructure is registering domestically, even as both sides continue to offer starkly different assessments of how much that pressure is actually shaping the broader trajectory of the war.

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Shift4 Payments: Poised To Win As The Experience Economy Continues To Expand

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Shift4 Payments: Poised To Win As The Experience Economy Continues To Expand

Shift4 Payments: Poised To Win As The Experience Economy Continues To Expand

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Bristol Bears announces ‘landmark’ new partnership

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Chief executive Tom Tainton said it was a ‘ground-breaking moment’ for the Gallagher PREM side

General views as Bristol Bears announce Foot Anstey as Front of Shirt sponsor on March 17, 2026 at the Bears High Performance Centre, England. (Photo by Will Cooper/Bristol Bears)

Bristol Bears has announced a new partnership deal(Image: Will Cooper/Bristol Bears)

Bristol Bears has agreed a “landmark” long-term partnership with a UK law firm. Foot Anstey will become the club’s new principal partner for the 2026-27 season, with shirt branding for both the men’s and women’s teams.

The Gallagher PREM side said the multi-year agreement represented “one of the most progressive partnerships” in the club’s history.

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Under the terms of the deal, Foot Anstey, which has 11 offices including in Exeter, Bristol and Manchester, will also become the main partner of the Bristol Bears Foundation – the club’s award-winning charitable arm.

Off the pitch, it will become the Bears’ exclusive legal provider, offering a full range of legal solutions to the club and its players over the term of the partnership.

Foot Anstey managing partner, Martin Hirst, said: “Our partnership with Bristol Bears is built on a shared belief in the impact individuals can have when they come together as a team.

“From our earliest conversations, it was clear this is more than sponsorship, it’s about bringing together two ambitious organisations to drive performance, support our communities and create lasting impact.

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“This reflects how we work as a firm: building strong relationships, working collaboratively and focusing on what really matters to our clients and to the communities around us.

“Sport has a unique ability to bring people together and create momentum. We’re excited about what we can achieve, alongside Bristol Bears and the Bristol Bears Foundation, over the coming years.’

Bristol Bears chief executive Tom Tainton said the deal was “a ground-breaking moment” for the club.

“From the beginning of this process, Foot Anstey has been an excellent partner – collaborative, engaging and genuinely excited about using the power of sport to leave a lasting legacy,” he said.

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“Having Foot Anstey’s name on our shirts is about far more than a business agreement; it is a statement of intent about our aligned growth journeys. This authentic partnership represents a shared set of values and a long-term commitment to driving success across our men’s, women’s and community programmes.

“Foot Anstey’s support of the Bristol Bears Foundation is particularly significant, enabling us to expand our reach and deepen our impact within the communities we serve.”

The news comes just a day after South West Gallagher PREM club Exeter Chiefs announced it had been acquired in a major deal by US businessman Bill Foley, ending 155 years of member ownership.

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Dow Finally Tops 52,000 With Some Help From Its Newest Member

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Stocks Little Changed After Fed Decision

The Dow finally closed above the 52,000 the same day its newest member joined a rally in Big Tech and chip stocks.

The blue-chip index rose 306 points, or 0.6%. Alphabet, which replaced Verizon in the Dow this week, led the index. The S&P 500 rose 1.2%. The Nasdaq rallied 2.1%.

Breadth was actually negative, but the stocks that were rising more than overpowered the stocks that were down. Even the Invesco S&P 500 Equal Weight ETF, normally a proxy for breadth, rose solidly.

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