Wall Street advanced on Monday as a rebound in semiconductors put the Nasdaq on top. The tech-laden Nasdaq enjoyed the steepest percentage gain, while Europe’s STOXX 600 pulled back from a record high.
Market Moves
Chips outperformed, with AMD, Qualcomm, and Taiwan Semiconductor, all gaining more than 4%. Real estate, housing stocks and homebuilders were among the laggards. The dollar was essentially unchanged, while the yen drifted near the intervention zone, keeping investors wary.
U.S. Treasury yields were little changed after Thursday’s soft employment report reduced rate hike expectations. Front-month WTI and Brent crude futures both settled down 0.2%. Gold pulled back from a two-week high.
Global News
Huge crowds flooded Tehran’s streets for the slain Ayatollah’s funeral procession. The Islamic Republic of Iran is staging a week of mass funeral ceremonies for the slain Supreme Leader Ayatollah Ali Khamenei.
China’s military test-fired a missile from a nuclear-powered submarine into the Pacific, drawing sharp criticism from Japan, Australia, New Zealand, and Taiwan. The European Stability Mechanism warned of elevated euro zone recession risk arising from Middle East tension and a potential U.S. asset selloff.
Original reporting: Appleton, WI News Feed (HLL/CB) — read the source article.
