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US markets rally as S&P nears 6,000 mark

ASR Team

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Morning Research Notes - 11.11.24

 

US markets closed the week strong on Friday, with the S&P 500 approaching the 6,000 milestone amid investor optimism fueled by election results and anticipated business-friendly policies. Major commodities faced headwinds: Spot gold decreased by 0.8% to $US2684.55 per ounce, Brent crude fell by 2.2% to $US74 per barrel and iron ore dropped by 3% to $US102.35 per tonne.

On Friday, Wall Street wrapped up the week with strong gains, with the S&P 500 approaching the 6,000 mark and logging its fourth consecutive session of growth. The Dow Jones Industrial Average rose by 259.65 points (0.59%) to 43,988.99, while the S&P 500 gained 22.44 points (0.38%) to end at 5,995.54, just shy of the milestone. The Nasdaq Composite also advanced, up 17.32 points (0.09%) to 19,286.78. Real estate and utilities led the gains in rate-sensitive sectors, benefitting from a dip in Treasury yields after a spike earlier in the week. Strong performance in the Dow was partly supported by a 3.59% jump in Salesforce stock, following news of the company’s plans to hire 1,000 employees for its AI-driven Agentforce Tool. However, a few tech names, like Airbnb and Pinterest, faced losses after missing earnings expectations.

On Friday, the Australian stock market closed higher, with the ASX 200 gaining 0.83%. This upward trend was evident across major indices, with the Materials, Financials, Info Tech, Health Care and Utilities sectors recording gains of 0.69%, 0.94%, 1.76%, 1.03%, and 0.73%, respectively. In contrast, major commodities had a bearish day: Aluminium, Copper, Zinc, and Nickel fell by 1.96%, 0.67%, 2.79%, and 0.95%, respectively.

 

Chart of the day

 

The global AI market is expected to grow by 37% annually from 2024 to 2030, and India’s rapid AI adoption positions it as a key player in this transformation. India’s high AI adoption rate, driven by optimism in the workforce, strategic government initiatives, and strong private sector investments, gives it a competitive edge. The government’s “bottom-up” approach, including digital public infrastructure for 900 million internet users and a $1.25 billion AI mission, aims to foster AI-driven growth across sectors. Private companies like Tata Consultancy Services, Reliance, and start-ups are leveraging India’s cost-efficient technology landscape to develop innovative AI solutions, such as “Bharat GPT” for linguistic diversity. With AI poised to boost productivity across industries, India offers significant potential for investors seeking AI-driven growth opportunities.

 

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​​Source: ​​Livewire




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