Wall St. Leads Global Markets Higher on Tech Stocks Rally
Global markets kick off strong on Wednesday, with Technology and Artificial Intelligence (AI) stocks driving momentum in the previous trading session.
Reflecting the improved sentiment, Wall Street led global markets higher as technology shares powered to fresh record closes, with the S&P 500 up 0.61% and the NASDAQ surging 1.19%.
On the other hand, the Dow Jones slipped 0.23% as the broader market remained cautious amid ongoing developments in the Middle East.
European equities were mixed, with the FTSE 100 rising 0.24% on strength in banks and miners, while the Euro Stoxx 50 dropped 1.18%.
In Asia this morning, the Nikkei 225 added 0.41% and the ASX 200 edged up 0.32% as renewed optimism for an end to the Middle East war and the potential opening of the Strait of Hormuz provided support. However, the Hang Seng bucked the upward trend and is down 0.85% so far.
The JSE closed mixed on Tuesday, giving back some of Monday’s strong gains as United States and Israeli air strikes in southern Iran reignited geopolitical tensions, ultimately impacting investor sentiment.
By market close, the JSE All Share Index was down 0.15%, and the Top 40 was down 0.20%. Resources (-0.05%) were little changed while Industrials declined 0.52%.
Financials bucked the trend, rallying 0.82%, driven by a 1.00% gain in banks. Local investors now look ahead to the South African Reserve Bank’s interest rate decision due tomorrow.v Naira Weakens on Rising U.S Dollar Outflow, FX Reserves Top $49bn
