Stock Futures Rise as Alibaba Boosts AI Sentiment: Markets Wrap

(Bloomberg) — US stocks are set to resume their rally after a pledge by Alibaba Group Holding Ltd. for more spending and an upbeat forecast from Micron Technology Inc. reinforced optimism over artificial intelligence.

Nasdaq 100 futures rose 0.3% after big tech’s slide in the prior session broke a streak of US stock records. Alibaba jumped 9% in typhoon-hit Hong Kong on plans to boost AI spending beyond an initial $50 billion target. Micron rose 2% in premarket after strong earnings underscored the boom’s ongoing momentum.

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The dollar recovered 0.3% after back-to-back losses. US Treasuries were little changed, with the 10-year yield at 4.10%. Gold tested fresh highs. European stocks slipped 0.3%, mirroring Tuesday’s Wall Street losses.

Bullishness over AI’s vast potential has fueled multiple record highs in stocks this year, offsetting worries about geopolitical risks and trade tensions. Prospects for rapid Federal Reserve policy easing have added to the buoyant mood, as investors bet that lower interest rates and a resilient economy will lift corporate earnings.

“There could be short-term ripples, but the big story for markets is the overwhelmingly easy monetary policy and the huge capex boom in AI,” said Alexandra Morris, an investment director at Skagen.

Oil extended its gains on mounting risks to Russian supply, including strikes by Ukraine on energy infrastructure and heightened tensions with NATO. Brent rose toward $68 a barrel after gaining 1.6% on Tuesday. Russia also mulled restrictions on diesel exports for some companies.

Corporate News:policy easing

Saudi Arabia’s benchmark stock index surged on speculation the kingdom will benefit from billions of dollars of investment if limits on foreigners owning majority stakes in public companies are lifted. Micron Technology Inc., the largest US maker of computer memory chips, gave an upbeat forecast for the current quarter, helped by demand for artificial intelligence equipment. Alibaba Group Holding Ltd.’s shares surged to their highest in nearly four years after revealing plans to ramp up AI spending past an original $50 billion-plus target. Zijin Gold International Co. delayed its $3.2 billion listing after Super Typhoon Ragasa slammed Hong Kong. Tether Holdings SA, issuer of the world’s largest stablecoin, is in talks with investors to raise as much as $20 billion. Some of the main moves in markets:

Stocks

The Stoxx Europe 600 fell 0.3% as of 9:34 a.m. London time S&P 500 futures rose 0.1% Nasdaq 100 futures rose 0.3% Futures on the Dow Jones Industrial Average were little changed The MSCI Asia Pacific Index rose 0.1% The MSCI Emerging Markets Index rose 0.4% Currencies

The Bloomberg Dollar Spot Index rose 0.3% The euro fell 0.4% to $1.1771 The Japanese yen fell 0.4% to 148.20 per dollar The offshore yuan fell 0.2% to 7.1277 per dollar The British pound fell 0.4% to $1.3478 Cryptocurrencies

Bitcoin rose 0.5% to $112,584.14 Ether was little changed at $4,178.21 Bonds

The yield on 10-year Treasuries was little changed at 4.10% Germany’s 10-year yield declined two basis points to 2.73% Britain’s 10-year yield declined two basis points to 4.66% Commodities

Brent crude rose 0.2% to $67.78 a barrel Spot gold rose 0.2% to $3,770.69 an ounce This story was produced with the assistance of Bloomberg Automation.

–With assistance from Sujata Rao.

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