Stocks Fluctuate at Open, Oil Stays Above $100: Markets Wrap
(Bloomberg) — Stocks and crude oil swung at the open in a nervous start to trading in Asia, as lingering concerns about the war in Iran clashed with strong corporate earnings that are helping steady investor sentiment.
Asian shares erased earlier losses to rise 0.3% on Thursday, while S&P 500 futures fell as much as 0.9% before trimming losses to 0.3%. Brent jumped as much as 4.2% before paring gains to trade around $102.30 a barrel. The dollar edged lower and the yen swung between gains and losses.
“The sudden yet temporary FX moves suggest market participants remain on edge amid the fragile US-Iran ceasefire,” said Carol Kong, a strategist at Commonwealth Bank of Australia in Sydney.
The fluctuating moves at the open in Asia came after Wall Street gauges climbed to a record on robust earnings and comments from President Donald Trump that a truce with Iran will stay in place indefinitely. The focus now is on whether talks can resume and the two sides can reach an agreement, especially as the closure of the Strait of Hormuz keeps energy prices elevated, risking higher inflation and weighing on economic growth.
Tensions remain high as the US and Iran failed to meet for a fresh round of peace talks, with both sides blocking the waterway to gain leverage during an extended ceasefire. Tehran says it has no plans to take part in negotiations imminently.
Still, strong corporate earnings are providing some optimism for equity markets. US chipmakers climbed for a 16th straight day, the longest-ever advance.
Boeing Co. jumped on solid first-quarter deliveries. Tesla reported earnings that beat estimates. Texas Instruments Inc. gave a strong forecast for the current period. In Asia, SK Hynix Inc. reported a five-fold jump in quarterly profit.
Strong corporate profits, the revival of the artificial-intelligence trade and an otherwise resilient economy have buoyed stocks despite lingering geopolitical risks. Nearly 80% of the S&P 500 companies reporting first-quarter results have beaten analyst earnings estimates so far, according to data compiled by Bloomberg.
Also, the Philadelphia Stock Exchange Semiconductor Index posted a record run, as investors bet on continued strength driven by artificial intelligence-related demand.
The semiconductor sector is expected to grow revenue by about 57% in 2026, according to Bloomberg Intelligence data, which is twice the pace of the overall tech sector, and well above the 9.3% growth expected for the S&P 500 Index.
A gauge of Asian technology shares rose 1% and stocks in South Korea, a poster child for artificial intelligence investments, jumped 2%. SK Hynix surged 3.4%.
“The recent rally in Asia tech despite ongoing supply chain disruption suggests investors are increasingly looking through near-term geopolitical risks,” said Gary Tan, a fund manager at Allspring Global Investments. “But a sustained re-rating versus the US will likely hinge on capex signals from hyperscalers in next week’s earnings reports.”
Corporate Highlights:
International Business Machines Corp. posted quarterly sales in its software unit that were in line with estimates, failing to shake investor concerns about AI disruption to its business. ServiceNow Inc., a provider of software for business tasks, reported lackluster results and said some sales deals have been delayed by the war in the Middle East. Lululemon Athletica Inc. named Heidi O’Neill its new chief executive officer as the athletic retailer looks to move beyond a turbulent period of slowing growth and investor unrest. Taiwan Semiconductor Manufacturing Co. will hold off on deploying ASML Holding NV’s most cutting-edge lithography machines for chip production through 2029 to save money, dealing a potential setback to the Dutch maker of the costly equipment. Some of the main moves in markets:
Stocks
S&P 500 futures fell 0.2% as of 9:54 a.m. Tokyo time Hang Seng futures were little changed Japan’s Topix was little changed Australia’s S&P/ASX 200 fell 0.2% Euro Stoxx 50 futures fell 0.4% Currencies
The Bloomberg Dollar Spot Index was little changed The euro was little changed at $1.1712 The Japanese yen was little changed at 159.33 per dollar The offshore yuan was little changed at 6.8283 per dollar The Australian dollar was little changed at $0.7162 Cryptocurrencies
Bitcoin was little changed at $78,431.56 Ether fell 0.8% to $2,372.82 Bonds
The yield on 10-year Treasuries was little changed at 4.31% Japan’s 10-year yield was unchanged at 2.390% Australia’s 10-year yield advanced three basis points to 4.99% Commodities
West Texas Intermediate crude rose 0.3% to $93.21 a barrel Spot gold rose 0.2% to $4,748.39 an ounce This story was produced with the assistance of Bloomberg Automation.
–With assistance from Matthew Burgess and Winnie Hsu.
©2026 Bloomberg L.P.
