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The S&P 500 Index increased by 0.31%, reaching a 1-week high, while the Dow Jones Industrial Average rose by 0.77%, marking a new all-time high. Meanwhile, the Nasdaq 100 Index declined by 0.21%. This positive market movement coincides with anticipation surrounding a U.S. government shutdown resolution, with the House expected to vote on a continuing resolution today, having already cleared the Senate.
Key developments in the semiconductor sector include Advanced Micro Devices (AMD) surging by 7% after forecasting strong sales growth over the next five years, and GlobalFoundries rising over 5% following better-than-expected Q3 earnings. However, weakness in major tech stocks is impacting the Nasdaq 100. Overall, Q3 earnings for S&P 500 companies increased by 14.6%, exceeding expectations of 7.2% year-over-year growth.
Interest rates saw movements as the 10-year T-note yield fell to 4.085% post the Veterans Day holiday, while European government bond yields increased. Markets are pricing in a 3% chance of a rate cut by the ECB at its next meeting, and there’s a 65% likelihood of a 25 basis point cut at the upcoming FOMC meeting.
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