Tuesday, 9 May 2017

US stock market ekes out record, tech seen outperforming

Markets were mixed on Monday.

The S&P 500 rose less than a point but still ended at a record high.

However, the STOXX Europe 600 fell 0.1 percent despite the pro-EU centrist Emmanuel Macron's victory in France's presidential election.

In Asia, the MSCI Asia Pacific ex Japan Index rose 0.8 percent while the Nikkei 225 surged 2.3 percent after returning from a three-day market holiday.

In currency markets, the euro fell against the US dollar after touching a six-month high earlier.

"A Macron win is largely priced into the euro," said Shaun Osborne, chief FX strategist at Scotiabank in Toronto.

Investor sentiment remained positive though. The CBOE Volatility Index closed at 9.77, its lowest since December 1993.

"We remain largely constructive of the equity market and view that the path of least resistance is higher," said Bill Northey, chief investment officer at Private Client Group of US Bank.

Among stocks, Goldman Sachs sees the tech sector outperforming the broader market.

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