S&P 500 in Tech-Powered Rally, on Verge of 7,000 – Europe Market Wrap
Most major indices rose as technology companies surged after a strong increase in orders at ASML Holding fuelled the artificial intelligence trade. The Dollar stabilised.
Futures on the Nasdaq 100 climbed 0.9%, bringing the benchmark closer to its October high. S&P 500 contracts indicated that the index would test the 7,000 level. The dollar rose 0.3%, ending a four-day decline that had put the currency at its lowest level in over four years.
ASML surged more than 6% in Amsterdam after fourth-quarter bookings considerably beat expectations. Asian shares surged after SoftBank Group Corp. announced plans to invest $30 billion in OpenAI. South Korea has surpassed Germany in stock market value, gaining almost $1.7 trillion in an AI-driven wave since the beginning of 2025. LVMH’s slow sales have dragged on luxury labels in Europe.
The torrid advance in precious metals continued, with gold briefly surpassing $5,300 per ounce. Silver surged as high as 3.6% before matching the rise. Treasuries traded barely changed ahead of the Fed’s rate announcement.
President Donald Trump’s dovish position on the dollar fuels suspicion that the US currency may be entering a more sustained phase of weakness. Speaking to reporters in Iowa on Tuesday, Trump said the dollar’s loss was good for US businesses, which shook currency markets by appearing to support the greenback’s rapid decline.
