US stocks rally after Scott Bessent's nomination | Jessica Amir on Ausbiz

Moomoo market strategist Jessica Amir discussed the latest trends in both Wall Street and the Australian stock market in a recent Ausbiz interview. Here are the key takeaways from the show, or listen to the full interview on their website.

Jessica explained that global markets rallied overnight following Scott Bessent's nomination as the next US Treasury Secretary, which has been well received by investors. Both the S&P 500 and Dow reached record highs, with small-cap stocks also performing well. Real estate led the gains in the S&P 500, and the Dow surged nearly 1%.

Bessent is expected to focus on tax and spending cuts while addressing government borrowing. His balanced fiscal approach is helping ease investor concerns. On the economic front, the Chicago Fed's activity index missed expectations, but the Dallas Fed's manufacturing survey surged to a 31-month high. US Treasury yields dropped sharply in response to a more cautious fiscal outlook under Bessent.

In commodities, oil prices fell over $2 a barrel following news of potential peace talks between Israel and Lebanon, while gold ended its five-session rally, declining as safe-haven demand decreased.

Click the link to watch the video: the open: ASX eyes highs as Wall St gains on ausbiz