US Stocks Set to Finish Best Quarter in Six Years: Markets Wrap
(Bloomberg) — US index futures steadied on the last day of a quarter that looks set to be the S&P 500’s best in six years. The dollar climbed as the yen slid to its weakest level since 1986.
The S&P 500 was little changed in early trading, a calm finish for the index that has surged 14% since the beginning of April. European stocks rallied, with gains led by Abivax SA after a clinical-trial update soothed investor concerns. Chipmakers drove an advance in Asian shares.
Global stocks are cementing gains as investors gear up for another strong earnings season that analysts say will be driven by the investment boom in artificial intelligence. A strong macro backdrop will offer added support as falling oil prices help keep worries about inflationary pressures in check.
“US futures are being supported by renewed demand for tech, with investors returning to the view that IT offers one of the few strong and reliable earnings-growth stories,” said Marija Veitmane, head of equity research at State Street Global Markets. “That makes any jitters in tech look like a buying opportunity, and I think that is what we are seeing after last week’s wobble.”
The yen extended its recent losses to weaken beyond 162 against the dollar, a milestone that will generate unease in Japan and put traders on alert for authorities intervening in the market. Finance Minister Satsuki Katayama said Japan will respond to developments in foreign exchange at any time.
Elsewhere, Brent crude was little changed at around $73.20 a barrel. Analysts at Morgan Stanley cut their oil price forecasts for the second time in about two weeks on a faster-than-expected supply rebound, while robust US production and weak Chinese demand raise the risk of a glut.
Still, investors will keep a close watch on peace talks scheduled for Tuesday after Iran reiterated its determination to control maritime traffic through the Strait of Hormuz. Oil prices remain an important part of the inflation outlook, with the Federal Reserve expected to hike interest rates as soon as September.
“The decline in oil prices suggests concerns around energy-driven inflation are largely behind us, but if AI-driven inflation from memory costs starts to materialize over the next two to three months, that will be important,” said Paisley Nardini at Simplify Asset Management. “The other risk is whether cracks start to emerge in the consumer.”
Labor Readings
Treasuries were little changed ahead of a reading of US job openings for May. Bloomberg Economics expects the JOLTS report to show declining vacancies and a low quits rate. While hiring is supporting personal income growth, wage pressures are likely to remain rather muted.
“The next validation point is now macro,” said Florian Ielpo at Lombard Odier Investment Managers. “JOLTS, consumer confidence, ISM and payrolls need to show enough labor resilience to keep the earnings momentum up, but not so much strength that the real-yield ceiling comes back immediately.”
Space stocks and names linked to the buildout of AI infrastructure were among the biggest US premarket gainers. Michael Saylor’s Strategy Inc. eased after Monday’s rally as Bitcoin dipped below $60,000. Microsoft Corp. was firmer, but still on course for its worst month since December 2000.
Corporate Headlines:
SAP SE is divvying up responsibilities for its product and engineering functions in its second top-level reorganization this year, people familiar with the matter said, as Europe’s largest software company grapples with staying ahead of rising artificial intelligence competition. Lloyds Banking Group Plc is planning a deeper push into workplace pensions, positioning its wealth segment to be a cornerstone of its next five-year strategy through 2030. Emirates NBD PJSC is in talks to buy HSBC Holdings Plc’s Turkey operations, according to people familiar with the matter. Airbus SE secured an order for as many as 40 widebody aircraft from SAS AB as the Scandinavian carrier looks to expand its long-haul operations and grow its hub in Copenhagen. A.P. Moller-Maersk A/S shares jumped in early trading after the shipping company upgraded its profit outlook for this year, citing solid demand especially in Asia and a global container market that looks to stay healthy for the rest of the year. Some of the main moves in markets:
Stocks
The Stoxx Europe 600 rose 1% as of 11:08 a.m. London time S&P 500 futures were little changed Nasdaq 100 futures rose 0.1% Futures on the Dow Jones Industrial Average rose 0.2% The MSCI Asia Pacific Index rose 0.7% The MSCI Emerging Markets Index rose 1% Currencies
The Bloomberg Dollar Spot Index rose 0.2% The euro fell 0.2% to $1.1395 The Japanese yen fell 0.2% to 162.31 per dollar The offshore yuan rose 0.2% to 6.7900 per dollar The British pound fell 0.2% to $1.3233 Cryptocurrencies
Bitcoin fell 1.5% to $59,324.73 Ether fell 1.9% to $1,584.42 Bonds
The yield on 10-year Treasuries was little changed at 4.37% Germany’s 10-year yield declined one basis point to 2.85% Britain’s 10-year yield was little changed at 4.71% Commodities
Brent crude was little changed Spot gold rose 0.2% to $4,022.41 an ounce This story was produced with the assistance of Bloomberg Automation.
–With assistance from Neil Campling, Sujata Rao and Subrat Patnaik.
©2026 Bloomberg L.P.
