Market News

Shares of Splunk (NASDAQ: SPLK) surged more than 20% to $145 on Thursday after the networking technology giant Cisco Systems (NASDAQ: CSCO) announced that it has reached an agreement to buy cybersecurity company Splunk for about $28 billion. The deal will strengthen Cisco’s software business and revenue growth exceptionally on the boom of AI.

The price of the world's biggest cryptocurrency, Bitcoin (BTCUSD) climbed to a fresh 3-week high ahead of the FOMC meeting. On the technical side, the short-term momentum is neutral now the technical picture suggests that the bullish bias stays intact.

Global market sentiment improved last week. This week the Fed meeting will be crucial and essential in terms of further educating markets in terms of direction, with their discussion on policy likely to influence market volatility.

Global markets ended last week on a mixed note rattled by uncertainty over the next moves of central banks. This week the economic calendar will bring investors the US August CPI and PPI inflation data. The main event on the calendar for monetary policy this week is the meeting of the European Central Bank on Thursday. One of the other main attractions for this week is Apple's 'Wonderlust event'.

Shares of the giant provider of CRM solutions, Salesforce (NYSE: CRM) and identity management software firm Okta (NASDAQ: OKTA) bounced last week after both the companies topped expectations in Q2 and provided an upbeat outlook.