Tech Shares Send Nasdaq Higher; Crude Oil Tumbles: Markets Wrap

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Tech Shares Send Nasdaq Higher; Crude Oil Tumbles: Markets Wrap(Bloomberg) -- Want the lowdown on European markets? In your inbox before the open, every day. Sign up here.The technology and health care sectors led U.S. stocks higher as the rotation from momentum to value shares that began at the start of the week slowed. Crude oil plunged on a report President Donald Trump considered easing sanctions on Iran.The Nasdaq Composite rose for the first time in four days as Apple’s cheaper priced iPhone gave analysts reason to cheer. Trump earlier urged the Federal Reserve to cut interest rates to “zero, or less,” in a tweet, while China moved to lessen the trade war’s repercussions by announcing a range of U.S. goods to be exempted from 25% extra tariffs put in place last year.“Get a trade deal, get a dovish Fed, decent valuations, lower interest rates, and all of a sudden, you have the tinder potentially for markets to move higher,” Jeff Mortimer, director of investment strategy for BNY Mellon Wealth Management, said in an interview at Bloomberg’s New York headquarters.Crude oil futures fell as much as 2.8% in London on Wednesday. Trump is preparing to meet with Iranian President Hassan Rouhani later this month, according to people familiar with the matter. Such talks would be unprecedented for an administration that made isolating the Islamic Republic a cornerstone policy. The dollar strengthened, while benchmark Treasury yields lingered near one-month highs.Equities are rebounding in September on hopes for fresh monetary stimulus from the European Central Bank on Thursday and the Fed next week, while market-supportive measures by China helped lift sentiment. Strong monetary easing is not a given, though, with some investors dialing back their expectations of accommodation and bond traders pulling back from the more bullish sentiment of August.“We are primed for a little bit of disappointment,” Jeff Boswell, a fund manager at Investec Asset Management, told Bloomberg TV in Singapore. “On the QE front, whilst we’ve been expectant of something -- certainly on the corporate bond-buying side that the market’s been expecting -- it is unlikely to come tomorrow.”Here are some key events coming up this week:To contact the reporter on this story: Vildana Hajric in New York at vhajric1@bloomberg.netTo contact the editors responsible for this story: Jeremy Herron at jherron8@bloomberg.net, Dave LiedtkaFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.


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