The #financials did the heavy lifting on the day – Macquarie leapt 1.6%, QBE Insurance jumped 1.5%, Westpac climbed 1.4%, Commonwealth Bank rose 0.6% and National Australia Bank firmed 0.1%.

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Last week saw the Nasdaq suffer the biggest drop since 2022 as AI concerns and slow job growth hit markets.

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The S&P 500 advanced 0.8%, marking its fourth winning day after a rough start to September.

The Dow Jones Industrial Average added 0.6%, and the Nasdaq Composite added 1%.

All of the S&P 500's 11 sectors ended higher, led by communication services which added 2%.

Megacap tech and semiconductor names continued to rally, boosting the market during afternoon trading

Artificial intelligence powerhouse NVIDIA jumped 1.9%, while Alphabet and Facebook parent Meta Platforms each gained more than 2%.

In new economic data overnight, the producer price index (PPI) for final demand rose 0.2% in #August, compared with estimates for 0.1% growth.

The core number, which strips out volatile food and energy prices, rose 0.3%, higher than the 0.2% forecast. Separately, initial claims for unemployment benefits stood at 230,000 for the week ended Sept. 7, in line with estimates.

U.S. bonds were modestly higher. The yield on the 10-year Treasury Department was up three basis points at 3.68%. The 2-year Treasury yield was at 3.66% after adding about 1 basis point.

In Europe, the European Central Bank slashed rates again by 25 basis points, its second cut this year, but said it was not “pre-committing” to a future path for rates.

Equities moved higher on the news, with the pan-European Stoxx 600 closing higher by 0.8%. All major regional benchmarks ended the day in the green, with Germany’s DAX closing 1% higher.

Novo Nordisk finished the day up 2.7% after trading higher than that through most of the day, on news that its experimental anti-obesity pill could be more effective than its existing Wegovy injection.

In currency markets, the Aussie dollar was almost 1% higher at US$67.25 cents.

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U.S. stocks ended mixed. The DJIA added 0.6% to 41,622.08, the S&P 500 rose 0.1% to 5,633.09, and the Nasdaq slipped 0.5% to 17,592.13.

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Hanson backs Dixon Advisory inquiry financialstandard.com.au/news/hanson-ba… via Financial Standard