US stocks started the week strongly, with the S&P 500 rising 1.6%, the Nasdaq gaining 2.4%, and the Dow Jones Industrial Average rising about 415 points after the Senate approved a procedural move that brings a funding bill to reopen the government and end the 40-day shutdown one step closer to passage.
Eight Democrats dissented from the House leadership in support of the motion, but the bill still needs a vote in the House. Artificial intelligence-related technology stocks led the rally, with Nvidia (5.8%), Palantir (8.8%), AMD (4.5%), and Micron (6.5%) among the biggest gainers as investors returned to high-growth positions.
Meanwhile, Federal Reserve Chairman Stephen Miran said a half-point interest rate cut in December would be appropriate, raising the possibility of looser policy and potentially supporting risk assets if the policy gains broader support from the Fed. However, the government shutdown remains a burden, delaying the release of key economic data and leaving the House of Representatives at risk of execution, which could disrupt markets if the deal fails. (alg)
Source: Trading Economics
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