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      Markets rally as recession fears ease: Take action or stay patient?
      Views 2.8M Contents 601

      Market Overview

      U.S. jobs data eased recession fears, and the continued decline of the yen also suppressed volatility caused by the unwinding of carry trades.
      As a result, U.S. stocks opened higher and collectively closed near their daily highs. $S&P 500 Index (.SPX.US)$ rose more than 2%, marking its biggest gain since November 2022, $Nasdaq Composite Index (.IXIC.US)$ gained nearly 2.9%, $Dow Jones Industrial Average (.DJI.US)$ surged over 680 points, $Russell 2000 Index (.RUT.US)$ climbed 2.4%, the Chinese Concept Stocks Index advanced 2.8%, and the semiconductor index jumped around 7%.

      $NVIDIA (NVDA.US)$ gained over 6%, recovering from a two-and-a-half-month low, $Apple (AAPL.US)$ rose for the second consecutive day, $Tesla (TSLA.US)$ climbed 3.7%, $Meta Platforms (META.US)$ gained over 4%, $NIO Inc (NIO.US)$ advanced around 4%, and $Alibaba (BABA.US)$ , $PDD Holdings (PDD.US)$ , and $Tencent (TCEHY.US)$ all rose more than 3%. $Eli Lilly and Co (LLY.US)$ ’s positive earnings from its weight-loss drug drove its stock up over 13% before closing up more than 9%, while $Novo-Nordisk A/S (NVO.US)$ ’s U.S. shares climbed 7.5%.

      U.S. stocks weathered weak demand for the 30-year Treasury auction, but Treasury sell-offs intensified, with the 10-year Treasury yield rising above 4% again and short-term yields climbing by up to 10 basis points.

      Rising demand and Middle East tensions led to a three-day rally in oil prices, with U.S. crude rising over 1% and breaking above $76, and Brent crude breaking above $79 to a new monthly high. Safe-haven demand and bets on a Federal Reserve rate cut lifted gold prices, ending a five-day losing streak. Spot gold rose as much as 1.8% and broke above $2,420. Most London metals closed higher, with copper rebounding from a five-month low.

      The dollar recovered its losses from last Friday, while the yen fell for the third consecutive day, and the offshore yuan dropped more than 110 points to fall below 7.18. Bitcoin surged 8%, breaking above $59,000, and Ethereum rose 10%.
      Disclaimer: Community is offered by Moomoo Technologies Inc. and is for educational purposes only. Read more
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        Trump 2.0 Era: How will global markets evolve?
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