Global Markets Rebound Ahead of G7 Summit and Fed Policy Outlook
Wall Street surges with tech and airline stocks leading gains; Asia and Europe follow suit as traders eye trade talks and interest rate projections.
The Nasdaq jumped 294.39 points or 1.5% to 19,701.21, the S&P 500 advanced 56.14 points or 0.9% to 6,033.11 and the Dow climbed 317.30 points or 0.8% at 42,515.09.
Wall Street rebounded as traders anticipated the upcoming G7 summit in the Canadian Rockies, hoping for progress on global trade deals. Attention also turned to the nearing end of President Trump's 90-day pause on "reciprocal tariffs." Additionally, the Federal Reserve's policy announcement is expected to offer insights into future interest rate decisions.
Airline stocks substantial moved upside after moving sharply lower over the past few sessions, with the NYSE Arca Airline Index soaring by 3.3%. Semiconductor stocks are significantly strong, as reflected by the 3% surge by the Philadelphia Semiconductor Index. Computer hardware, financial and telecom stocks also considerable strength while pharmaceutical and oil service stocks bucked the uptrend.
Asia-Pacific stocks moved mostly higher. Japan's Nikkei 225 Index jumped by 1.3%, while Hong Kong's Hang Seng Index climbed by 0.7%. The major European markets have also moved to the upside on the day while the U.K.'s FTSE 100 Index rose by 0.3%, the French CAC 40 Index and the German DAX Index both advanced by 0.8%.
In the bond market, treasuries are showing a lack of direction following the pullback seen last Friday. The yield on the benchmark ten-year note which moves opposite of its price, is currently down by less than a basis point at 4.41%.
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