Stock exchange: Milan soars to the highest since the dot-com bubble, +1.2% with luxury goods and banks. Wall Street held back by tech

Wall Street is moving at double speed, with the Dow Jones up but techs under pressure again. At the end of the trading day the Dow Jones gained 1.18% to 47,927.96 points, the Nasdaq gave up 0.25% to 23,468.30 points and the S500 rose 0.21% to 6,846.62 points.

CoreWeave's stock is up nearly 10 per cent, after the company's forecasts disappointed investors, due to a delay in the execution of a contract with a data centre developer customer, a setback for a company trying to keep up with the artificial intelligence boom. Sales in 2025 will be $5.05-5.15 billion, CoreWeave said; previously, the projected range was up to $5.35 billion.

Nvidia Corp is down sharply after SoftBank sold its entire stake in the chip maker for $5.83 billion. The artificial intelligence sector has been under pressure recently due to growing concerns over valuations, which many believe to be excessive.

The effect of the end of the shutdown, which pushed up the US indices on the eve of the shutdown with the Nasdaq Composite recording its best day since 27 May, therefore seems to have already worn off for the US stock market. The bond market is closed for the Veterans Day celebration.

in Piazza Affari, Stellantis extended its stride at the close, closing at +4.13%. Purchases continued on Mps (+2.98%), with the hypothesis of maxi coupons and revision of distribution alliances. Pharmaceuticals (+3.67% Recordati), Saipem (+3.94%) and Campari (+3%) also did well.

On the opposite front, a session to forget for Inwit, which left 11.76% on the ground after the lowering of its guidance to 2030 and JPMorgan's downgrade to 'neutral'. Also weak were Leonardo (-1.67%) and Lottomatica (-1.37%), grappling with realisations after yesterday's rally.

At Piazza Affari, luxury leads the purchases. Brunello Cucinelli closed at the top of the list with +5.34%, while Moncler gained 2%. Also doing well were Hermes in Paris and Puig Brands in Madrid. The trend is partly linked to rumours that Lvmh is due to open four multi-storey shops in Beijing in December (Louis Vuitton, Dior, Tiffany and Loro Piana), and that it is considering a new Christian Dior shop in Shanghai, possibly opening as early as 2027. A set of openings among the most significant in recent years for the group, which would act as a litmus test of the recovery of the sector in the Chinese market.

The dollar slipped after the Adp data on the US labour market and the euro took advantage of this to return to the 1.16 area. The private sector labour data showed a further element of weakness in the US market, after the Challenger report's numbers on layoffs, even more attention will be paid - therefore - to the weekly unemployment benefit data and those on the number of employed people, as soon as they become available after the end of the shutdown.

Recovering ground the yen, which on the eve of the event approached the minimum of the last nine months. "The Japanese currency was affected by the US government's reopening, which generated renewed optimism in the markets, reducing demand for safe-haven assets," noted analysts at Mps. The yen then recovered after the release of the Adp data. Meanwhile, they add, there is anticipation "for the stimulus package proposed by Japanese Prime Minister Sanae Takaichi, which is due to be unveiled on 21 November". The pound also lost ground the pound after labour market data showed a slowdown in wage growth and a deterioration in employment, reducing pressure on the BoE to fight inflation.

Down was the Bitcoin, which still moved above $104,000.

On the commodities front, buying on Brent and Wti as the market continues to assess the impact of US sanctions against Russia. According to Reuters, Lukoil has declared force majeure at an Iraqi oilfield it operates, marking the most significant impact so far of the sanctions imposed last month. The declaration of force majeure allows Lukoil to default on contractual obligations, but does not currently mean that supplies from the West Qurna 2 facility will be interrupted.

The tension over sanctions, however, is limited in its impact by fears of oversupply. Earlier this month, the Opec+ agreed to increase December production targets by 137,000 barrels per day, but also agreed to suspend further increases in the first quarter of next year. This week, the IEA, Eia and Opec will publish monthly reports with new global supply and demand estimates.

Some realisation on the gold price, on a day when risk appetite returned. However, the precious metal remains solidly above USD 4,000 an ounce, after rallying on the eve of the event on expectations of further interest rate cuts after the agreement in the US to end the shutdown and worries about widening deficits if the Big beautiful bill, the new US budget law, passes.

Eurozone government bond yields closed stable. In particular, the ten-year benchmark BTp, maturing on 1 October 2035, remained stable at 3.40%, showing minimal movements during the course of the day and aligning at the close to the previous closing. The spread vis-à-vis the German Bund of the same maturity was unchanged from the previous day at 74 basis points.

In a report ahead of Thursday's auction in which the Treasury will place bonds of up to a maximum of 8 billion with maturities of 3, 7, and 30 years, Unicredit analysts point out that market appetite for Italian bonds "remains strong" despite the fact that in recent weeks there has been a generalised increase in yields among Eurozone bonds, given that the confirmation of ECB rates and macroeconomic data have not been factors supporting prices.