Tech rally boosts stocks as European political uncertainty weighs on euro
A surge in major tech stocks lifted U.S. markets, while European political instability pushed the euro to its lowest level since May 2025.
A surge in major technology stocks drove U.S. market gains, lifting the S&P 500 toward record levels despite persistent pressure from elevated bond yields and high crude oil prices. A benchmark tracking megacap technology equities climbed 1.3 percent, providing sufficient momentum for stock indices to absorb broader macroeconomic headwinds.
Simultaneously, political upheaval across Europe and growing fiscal concerns weakened the euro to its lowest valuation relative to the U.S. dollar since May 2025. The weakening of the European currency strengthened the safe-haven appeal of the U.S. dollar among international investors seeking stability amidst regional political instability.
Sources: Bloomberg