Stocks Start Week Higher as Musk Trade Lifts Tesla – Europe Market Wrap
Equities began the week on an upbeat note as traders prepared for a widely expected start to a series of Fed interest-rate cuts, with Tesla gaining after Elon Musk bought roughly $1 billion of stock.
S&P 500 futures rose 0.2%, pointing to a fresh push into record territory. Nvidia slipped 2.1% in premarket trading after Chinese regulators said that the chipmaker had violated anti-monopoly laws. Tesla rose nearly 6%. European stocks advanced in a rally led by luxury shares.
French bonds underperformed in Europe after Fitch Ratings cut the nation’s rating in the wake of political turmoil. The Pound led major currencies higher against the Dollar. Treasuries were little changed, with the 10-year yield at 4.06%.
Meanwhile, the Nvidia announcement landed as US and Chinese officials entered a second day of trade talks in Madrid, ratcheting up the pressure on Washington during sensitive negotiations.
The Fed won’t be the only major central bank in focus. Policy decisions from the BoC on Wednesday, the BoE on Thursday, and the BoJ at week’s end will round out a packed calendar for half of the world’s 10 most-traded currencies.
