Wall Street rises on optimism about possible Trump win
Main U.S. indexes green: Nasdaq leads, up ~0.8%
Energy leads S&P 500 sector gainers; Utilities weakest group
Euro STOXX 600 index off ~0.8%
Dollar, crude dip; gold up; bitcoin up ~5%
U.S. 10-Year Treasury yield rises to ~4.22%
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WALL STREET RISES ON OPTIMISM ABOUT POSSIBLE TRUMP WIN
Shares on Wall Street are rallying in early trading on Monday, with investors pricing in a greater chance of Donald Trump winning a second term as president in November after he survived an assassination attempt last Saturday.
Monday's gains came after the S&P 500 .SPX and the Dow Jones Industrial Average .DJI hit intraday record highs last Friday, on bets that the Federal Reserve will cut interest rates in September.
A Trump government is expected to have a hawkish trade policy, extend tax cuts, and implement more flexible regulations over issues from climate change to cryptocurrency.
"The narrative for the day rests on the 'Trump Trade' with many investors assuming the weekend events add to the former President being re-elected," writes Bob Savage, head of markets strategy and Insights at BNY Mellon.
Savage notes that the logic behind the trade rests on the chances of tax cut extensions and higher trade tariffs, which could lead to even higher U.S. fiscal deficits. These come alongside potential growth headwinds and intense political pressure on the Fed to ease as inflation continues to subside in the near term, he adds.
The so-called Trump-linked stocks are up, with the Trump Media & Technology Group DJT.O one of the most actively traded.
Crypto stocks are also higher as bitcoin BTC= rose to a two-week high. Coinbase Global COIN.O, Marathon Digital holdings MARA.O, and Riot Platforms RIOT.O are all up on the day.
Investors are now looking to more comments from Fed Chair Powell who will speak later on Monday in Washington.
Here's a snapshot of different asset classes across financial markets:
(Gertrude Chavez-Dreyfuss)
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FOR MONDAY'S EARLIER LIVE MARKETS POSTS:
DOW INDUSTRIALS LINED UP TO MAKE THE 40K LEAP? - CLICK HERE
GERMAN BOURSE IS EUROPE'S HIDDEN CHAMPION, DEUTSCHE BANK SAYS - CLICK HERE
SMIDs: TURNING WORDS INTO ACTION - CLICK HERE
EUROPEAN STOCKS FALL, LUXURY NAMES SLIDE - CLICK HERE
EUROPEAN FUTURES LOWER AS TRADERS ASSESS TRUMP SHOOTING -CLICK HERE
TRUMP SHOOTING RICOCHETS IN TREASURIES - CLICK HERE
US markets early snapshot https://tmsnrt.rs/3W7uO3U
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