Mon 10 Nov: After the Bell🔒

Your 5’ evening market wrap 📄📈

→ Indices + Large Caps + FX + Treasuries + Commodities tables on the ‘Market Data’ post.

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Good evening,

The record-long US government shutdown appears close to ending, fueling a broad-based market rally. The Senate cleared a key hurdle late Sunday, with Democrats providing just enough votes to advance a funding measure. The next step is for the Republican-led House to consider and approve the bill.

Once the shutdown ends, expect a surge of delayed economic data releases, including jobs, inflation, and fiscal reports, which could impact markets. Moreover, government workers who have missed paychecks may finally receive their wages, potentially supporting a boost in consumer spending.

Renewed interest in AI-related stocks drove markets higher, with Nvidia up nearly 6% and Palantir gaining 9%. The rally in mega-cap tech led to a clear outperformance of the market-cap weighted S&P 500 (+1.5%) compared with its equal-weight version (+0.6%). The Nasdaq Composite gained over 2% today and recovered 4% from its Friday intraday low when a weak consumer confidence print triggered a selloff.

Gold rose nearly 3% (and Silver ~5%), supported by expectations that the Fed may inject liquidity into the system to offset the partial drain caused by the government shutdown, which increased demand for hard assets.