Stock market today: S&P 500 climbs as ongoing AI-led rebound pushes tech higher
Yesterday, the US dollar continued to lose ground relative to the major leading currencies. The Dollar Index closed the trading session in the negative zone (-0.44%). The American currency was under pressure due to a decrease in government bond yields. The authorities of Catalonia signed the Declaration of Independence. At the same time, the Government of Spain reported that the unity of the country will be preserved. For this, all the means available under the law will be used. The pound received support against the background of positive data on the volume of production in the manufacturing industry in the UK. In August, the indicator increased by 0.4%, which is higher than the forecasted value of 0.2%. Geopolitical tensions on the Korean peninsula once again intensified. These events support the demand for the yen.
Today, investors' attention is focused on the publication of the FOMC Minutes. This report may indicate the time of the next tightening of the monetary policy of the Fed. Let us recall that earlier the majority of representatives of the Central Bank supported another increase in the interest rate this year. If the FOMC Minutes confirm the statements of officials, the demand for the US dollar may significantly increase.
The oil quotes show a positive trend. Yesterday, futures for the WTI crude oil rose by more than 2.5%. At the moment, quotes are testing the mark of $51 per barrel.
Market Indicators
Yesterday, the major US stock indices closed in the positive zone: SPDR S&P 500 (NYSE:SPY) (0.26%), SPDR Dow Jones Industrial Average (NYSE:DIA) (0.32%), PowerShares QQQ Trust Series 1 (NASDAQ:QQQ) (0.07%).
At the moment, the 10-year US government bond yield has reached local maximums of 2.36-2.37%.
The news background on 2017.10.11:
At 21:00 (GMT+3:00) the FOMC Minutes will be published.