As London and European traders head for the exits, the major European stock indices are finishing higher across the board. Germany’s DAX leads the way with a gain of 1.12%, while the UK FTSE 100 rises 0.78%. France, Spain and Italy also close in positive territory.
The European closing levels show:
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Germany’s DAX: +294.60 points or 1.12% at 26,642.06.
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France’s CAC 40: +54.29 points or 0.66% at 8,332.88.
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UK FTSE 100: +83.89 points or 0.78% at 10,835.48.
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Spain’s Ibex 35: +85.70 points or 0.43% at 20,022.10.
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Italy’s FTSE MIB: +191.48 points or 0.37% at 51,946.55.
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Euro Stoxx 50: +43.50 points or 0.68% at 6,401.60.
US technology buyers make another push.
In the US, the Nasdaq indices are doing the heavy lifting. The Nasdaq 100 is up 2.69%, while the Nasdaq Composite gains 1.96%. The S&P 500 is also solidly higher, but the Dow is only holding a modest gain.
At the time of the snapshots:
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Dow industrial average: +67.01 points or 0.13% at 52,304.24.
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S&P 500: +97.95 points or 1.30% at 7,618.88.
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Nasdaq Composite: +490.23 points or 1.96% at 25,556.11.
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Russell 2000: +22.05 points or 0.78% at 2,843.43.
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Nasdaq 100: +745.18 points or 2.69% at 28,485.98.
The strength in AI infrastructure, memory and semiconductor shares stands out. CoreWeave is up 26.02%, Nebius gains 18.10%, and SanDisk rises 17.46%. Bloom Energy adds 16.07%, Lumentum gains 15.20%, and Micron advances 13.95%. Intel is also participating with a gain of 10.02%.
Those are sizable moves. Buyers are putting money back to work in a group that has been under heavy pressure.
Having said that, the big-cap technology picture remains mixed. As outlined in my earlier technical look, Microsoft was trading lower even as Nvidia, Apple and Tesla moved higher. The broader index can provide a bullish backdrop, but each stock still has its own technical hurdles to clear.
European yields finish mixed.
The equity gains are accompanied by a mixed session in European government bonds. German and UK benchmark yields move higher, while French, Spanish and Italian yields edge lower.
The benchmark 10-year yields show:
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Germany: 3.320%, up 1.6 basis points.
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France: 4.788%, down 0.4 basis points.
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UK: 5.229%, up 2.1 basis points.
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Spain: 3.885%, down 0.4 basis points.
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Italy: 3.352%, down 2.8 basis points.
The French premium over Germany narrows by about 2 basis points, although the spread remains elevated at roughly 147 basis points. US cash Treasuries are closed for Veterans Day.
The dollar is mixed. Gold slips below $4,000.
In currencies, the USD is higher against the euro, pound, Australian dollar and New Zealand dollar. However, it is lower against the yen, Swiss franc and Canadian dollar.
EURUSD trades at 1.1095, down 0.61%, while GBPUSD is down 0.45% at 1.3281. USDJPY is higher by 0.69% at 159.82, putting the 160.00 level back within reach.
Gold is trading around $3,999, down approximately 0.83%. Silver is moving in the opposite direction, gaining 1.03% to $52.065, while copper rises 0.98% to $6.2955. Bitcoin is up 0.72% at $74,230.
For stock traders, the next question is whether buyers can hold today’s gains and build on them. The rebound gives buyers more breathing room, but after the recent sharp declines, reclaiming resistance—and staying above it—is what will give them greater control. Him him him
This article was written by Greg Michalowski at investinglive.com.