Political Shifts in Europe, Japan, U.S. equities briefly touched record levels following Friday’s payroll report, before paring gains into the close. The S&P 500 reached a record 6,532.65 before ending the session at 6,481.50, down 0.32%, while the Nasdaq was little changed at 21,700.39.
The labor data reinforced expectations the Federal Reserve will move ahead with aggressive easing, with markets now pricing in as much as 100 basis points of rate cuts over coming meetings.
In Europe, stocks opened the week on a cautious note as French Prime Minister Bayrou faces a no-confidence vote. In Japan, Prime Minister Ishiba’s resignation has cleared the path for new leadership.
On the corporate front, ASML has become the largest shareholder in France’s Mistral AI, valuing the artificial intelligence company at €13 billion.
Meanwhile, Tesla proposed a new compensation package for Elon Musk, granting additional stock if the automaker’s market capitalization rises to $8.5 trillion from about $1.1 trillion today. The award could be worth nearly $1 trillion, even as Tesla’s U.S. EV market share has slipped to an eight-year low of 38%, with European sales plunging about 40% year-on-year.
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