NEW YORK / LONDON (IT BOLTWISE) – US markets are optimistic as hopes for a deal in the budget dispute grow. Technology and healthcare sectors are leading the recovery as investors watch for signals from the Federal Reserve and the housing market. At the same time, Bitcoin ETFs are rising in premarket trading.
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US stock markets and crypto ETFs have rallied as hopes grow that Congress will avoid a government shutdown. The technology and healthcare sectors in particular contributed significantly to the recovery, while traders analyzed new signals from the Federal Reserve and the housing market.
Early trading on Wednesday showed investors betting on a quick resolution to the budget dispute, driving up the SPDR S&P 500 ETF Trust and the Invesco QQQ Trust, as well as U.S. stock futures. The crypto market also benefited as Bitcoin ETFs posted significant gains in pre-market trading. The housing market also showed signs of recovery as mortgage applications increased for the week ending November 7, according to MBA data.
Sector performance was mixed: While technology and healthcare funds were boosted by positive forecasts and significant deals, energy and consumer goods sectors lagged as crude oil prices fell to $60.40 a barrel. Investors looked to comments from Fed officials for clues about inflation and the direction of interest rates, while gold and silver edged higher, indicating continued caution.
Markets are currently balancing between relief and risk. A more stable housing market and reassuring signals from the Fed are giving markets some breathing room, although uncertainty remains. The mixed results from sectors such as energy and retail, as well as rising gold prices, show that not everyone is ready to give the all-clear. Investors continue to weigh how quickly the economy can recover from political disputes and uneven sector growth, so volatility could return as more policy updates are released.
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