🚨🚨🚨The key theme for November 11th was a global market rally driven by optimism over a potential resolution to the prolonged US government shutdown. Here is a summary of the major market movements:
📈 Major Stock Market Highlights
* US Markets (Based on previous day's surge and futures): US stocks (S&P 500, Nasdaq, and Dow) had closed sharply higher on Monday due to the shutdown optimism, led by strong gains in AI-related companies like Nvidia and Palantir. US stock exchanges (NYSE and Nasdaq) were open on Veterans Day (Nov 11), while the US bond market was closed.
* Monday's Close: Nasdaq Composite surged 2.27%, S&P 500 rose 1.54%.
* European Markets: Rallied strongly.
* The FTSE 100 closed at a new record high of 9,787 points, up 1.08%.
* The Stoxx 600 was up around 1.5%.
* Asian Markets: Rose for a second straight day, also buoyed by the US news.
* Japan's Nikkei gained 1.25%.
* The Indian Sensex and Nifty also closed higher, recovering from a subdued opening, with strength in the IT and Auto sectors.
commodities and other assets
* Gold: Prices jumped nearly 3% to a more than two-week high (around $4,115/oz) on expectations of a potential Federal Reserve interest rate cut, reinforced by recent weak US economic data.
* Oil (WTI & Brent): Prices saw a rebound as analysts focused on supply disruption risks, although forecasts of crude oversupply limited the gains.
* Bitcoin: Rallied, trading around $106,000, lifted by improved risk sentiment.
📰 Key Driving News
The primary catalyst for the market rally was the breakthrough in the US government shutdown, with the Senate passing a compromise bill that raised hopes for the government to reopen as early as Wednesday. This progress improved overall risk sentiment globally.
$SPDR S&P 500 ETF Trust(SPY)$
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