Asia Morning: Tech Stocks Lead U.S. Market Higher

Investors were encouraged by a series of big-ticket merger & acquisition deals…
On Monday, U.S. stocks closed 1% higher. The Dow Jones Industrial Average rose 327 points (+1.18%) to 27993, the S&P 500 gained 42 points (+1.27%) to 3383, and therefore the Nasdaq 100 rebounded 190 points (+1.72%) to 11277.
Investors were encouraged by a series of big-ticket merger & acquisition deals. for instance , chipmaker Nvidia (NVDA +5.79%) agreed to a $40 billion acquisition of Arm Holdings from Japan’s SoftBank Group. And Gilead Sciences (GILD +2.22%) would buy Immunomedics Inc (IMMU +97.99%) for $21 billion.

Technology Hardware & Equipment (+2.71%), Semiconductors & Semiconductor Equipment (+2.43%) and land (+2.16%) sectors gained the foremost . Kohls Corp (KSS +9.56%), Tapestry Inc (TPR +8.48%) and Oracle (ORCL +4.57%) were among the highest gainers, while Citigroup (C -5.59%) and Kroger Company (KR -4.45%) were top losers.

Tesla (TSLA) surged 12.58%.

Approximately 60.2% (59.4% within the prior session) of stocks within the S&P 500 Index were trading above their 200-day moving average and 34.7% (27.3% within the prior session) were trading above their 20-day moving average.

European stocks were mixed. The Stoxx Europe 600 Index was up 0.15%, France’s CAC 40 advanced 0.35%, while Germany’s DAX 30 eased 0.07% and therefore the U.K.’s FTSE 100 declined 0.10%.

The benchmark U.S. 10-year Treasury yield climbed to 0.680%.

U.S. WTI petroleum futures (October) fell 0.2% to $37.26 a barrel.

Spot gold jumped $15.00 (+0.78%) to $1,956 an oz .

On the forex front, the U.S. dollar eased against its major peers, with the ICE Dollar Index dropping 0.3% on day to 93.05.

EUR/USD gained 0.2% to 1.1866. Official data showed that the eurozone’s industrial production grew 4.1% on month in July (+4.2% expected). On the opposite hand, the German ZEW Current Situation Index for September are going to be released later within the day (-72.0 expected).

GBP/USD rebounded 0.4% to 1.2849. U.K. Prime Minister Boris Johnson’s Internal Market Bill, his decide to rewrite a part of the Brexit deal, passed its first hurdle in Commons. Later today, investors will specialise in the U.K. jobless rate for the three months to July (4.1% expected).

USD/JPY slid 0.4% to 105.74. Japan’s Chief Cabinet Secretary Yoshihide Suga has won the ruling Liberal Democratic Party presidential election and can replace Shinzo Abe as Prime Minister.

Commodity-linked currencies were broadly mixed against the greenback. AUD/USD and USD/CAD were flat at to 0.7285 and 1.3177 respectively, while NZD/USD climbed 0.5% to 0.6701.

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