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Free AccessStocks Surge Further, With Tech Underpinning the Sharp Rally
- Equity markets continue to grind higher - the e-mini S&P shows at a new daily high of 4438.00, showing just above resistance at the Aug17 high of 4436.75. Bulls face a firmer test ahead at 4454.24 and 4477.27, the 50- and 20-day EMA values.
- Gains are pretty broad-based, but are especially notable in the tech heavy indices - the NASDAQ-100 future is higher by close to 0.8% on the day, extending the recovery off the Aug18 low to nearly 3.5%.
- Tech gains have been the theme since the local Asia close, with the Hang Seng rallying sharply into the close on little newsflow outside of technicals and a sharp bump higher in tech stocks.
- Plenty of attention being paid to Nvidia ahead of the bell, which looks to add to the 8.5% Monday rally with another 1.9% lurch higher at the open Tuesday, making for a market cap gain of over $100bln in just two sessions.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.