Equities: Resilience persists versus rates stress – Deutsche Bank
Deutsche Bank strategists highlight broad resilience across global equities, led by record-setting US tech stocks and steady gains in Europe.
Equities experienced a broad catch-up on Monday, with the Nasdaq hitting a new record and the S&P 500 just 0.3% shy of its peak. This rise occurred despite long-term yields backing up, showcasing positive market breadth and an uncommon sector mix. The market's upward momentum was notable, as equities closed near session highs, indicating a diversified upward trend rather than a classic risk-on or inflation-relief move.
Notably, sectors like materials, communication services, energy, and banks led the gains, alongside defensives such as healthcare and consumer staples, while industrials and real estate trailed behind. This broader catch-up session seemed driven more by the market's long-overdue recovery than by specific directional forces.
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