US Stock Market Overview – Stock Rally Led by Energy; Dallas Fed Survey SurprisesUber wins back the license to operate in London
US stocks moved higher on Monday, starting the week on an up note. While volatility remains elevated due to concerns that the Presidential election could be contested, large-cap tech stocks started to rebound. All sectors in the S&P 500 index were higher, led by gains in Energy shares, the Utility sector was the worst-performing sector in the broader market. The dollar eased slightly as riskier assets benefited which helped buoy gold prices. The VIX volatility index slid slightly but remains elevated. Uber announced that it has won back its license to operate in London. In Economic news, the Dallas Fed Manufacturing Index increased more than expected in September.
Uber Wins Back License to Operate in London
Uber Technologies won an appeal to operate in the U.K. capital, securing, for now, the ride-hailing company’s operations in one of its biggest global markets. The ruling is a step forward for Uber as the company tries to build trust with regulators after years of tussles in London. The issue stemmed from widespread instances of unauthorized drivers using the app to pick up customers. According to Uber this issue has not been fixed.
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Dallas Fed Manufacturing Survey
Manufacturing activity in Texas expanded at a robust pace in September to a two-year high according to the Dallas Federal Reserve. The production index of the Texas Manufacturing Outlook Survey came in at 22.3 in September, up from 13.1 in August. The index for the general business activity for August also increased, to 13.6 from 8.0 the previous month, expectations had been for the reading to be unchanged at 8.0. The new orders index advanced roughly five points to 14.7, while the growth rate of orders index increased slightly to 13.2. The capacity utilization index rose from to 17.5 from 10.9 the prior month, and the shipments index decreased to 21.5 from August’s 23.3.