US stocks moved higher on Monday with the small-cap Russell 2000 breaking out and rallying more than 2%. All the major averages surged higher on Monday, with the Nasdaq Composite and the S&P 500 index hitting fresh all-time highs. Most sectors were higher, led by a 1.5% rally in technology shares, utilities bucked the trend. Healthcare continued to rally and is up 4.2% during the past 10-days more than double any other sector.
Uber Technologies reported that the company has lost its license to operate in London, which weighed on the shares of the hail riding services. LVMH Moet Hennessy Louis Vuitton SA agreed to purchase Tiffany for 16 billion. The dollar continued to rally which is beneficial to small-cap stocks. US yields remained unchanged.
Uber Loses License in London
Uber Technologies tumbled more than 1% as the company announced that it lost its license to operate in London. This is one of the most important cities in the world to Uber, and a blow to the companies operating regions. The company can continue to operate in the city through an appeals process that could take months.
Louis Vuitton Buys Tiffany
Louis Vuitton is taking over Tiffany in a deal worth more than $16 billion. LVMH Moet Hennessy Louis Vuitton SA said Monday it had reached an agreement with Tiffany that values the U.S. company at $135 a share. The acquisition is the biggest yet by LVMH. It tops the $13 billion Mr. Arnault paid in 2017 to bring all of the French fashion house Dior under the ownership of LVMH.
The Fed’s National Activity Index Slowed
The Chicago Fed National Activity Index eased in October, coming in at -0.71 and missing the consensus forecast. The index’s 3-month moving average fell to –0.31 in October from –0.21 in September. The consensus forecast was -0.20. Production-related indicators weighed heavily on the index. Together they contributed –0.55 to the in October, down from –0.36 in September.
This article was originally posted on FX Empire
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