US Stocks Drift as Rising Oil Offsets AI Gains: Markets Wrap
(Bloomberg) — US stock futures struggled for direction as the impact of rising oil prices offset fresh gains in the artificial intelligence trade.
S&P 500 futures were little changed. Brent crude topped $115 a barrel following a report that the US may resume military strikes on Iran after next week’s midterms, with traders also tracking a tight election in Israel. The Nasdaq 100 was set for a third straight day of gains as blowout results from memory giant SK Hynix Inc. lifted shares tied to the AI buildout.
Traders are rotating back into tech stocks on renewed confidence that AI spending will pay off ahead of results from Microsoft Corp. and Alphabet Inc. due after the close. Attention is also turning to the Federal Reserve, which is widely expected to leave interest rates unchanged on Wednesday. Treasury yields edged higher ahead of the decision, while the dollar was little changed.
“There are enough signs that the tech positioning flush-out has run its course, which has helped this latest tech rebound,” said Jai Malhi at Vanda Research. “SK Hynix’s strong earnings is a welcome start, but capex guidance from the major hyperscalers are a key risk so this hurdle may keep some investors at bay until those earnings are delivered.”
Europe’s Stoxx 600 fell 0.2%, with the rise in crude prices weighing on economically sensitive stocks. ASM International NV rose as much as 5% after the chip-equipment maker lifted its outlook. Banks were mixed on a busy day for earnings.
The FTSE 100 fell 0.3% in the run-up to UK Chancellor of the Exchequer John Healey’s first budget. The pound was a laggard among major currencies, while UK gilts were modestly weaker.
Corporate Highlights:
UBS Group AG posted a set of results broadly in line with estimates after a choppy quarter. BNP Paribas SA reported a surge in revenue from equities trading and announced a new share buyback. Stellantis NV stuck to guidance for the year as the struggling carmaker fights to reduce costs, improve quality and roll out new models to counter intensifying competition particularly in Europe. Deutsche Bank AG posted fixed-income trading revenue that outperformed Wall Street banks in the third quarter ASM International NV increased its revenue target for next year by about 24%, setting up the chip-equipment maker to hit its 2030 goal three years ahead of schedule, on a surge in sales linked to AI investments. BASF SE raised its full-year outlook for a second time this year after prices surged and volumes also rose, helping to cushion the chemicals maker from competition in China. OpenAI intends to buy artificial intelligence computing chips from Alphabet Inc.’s Google, according to a person familiar with the matter. Nomura Holdings Inc.’s profit rose last quarter, led by wealth management, stock trading and investment banking. Some of the main moves in markets:
Stocks
The Stoxx Europe 600 fell 0.2% as of 8:26 a.m. London time S&P 500 futures were little changed Nasdaq 100 futures rose 0.5% Futures on the Dow Jones Industrial Average fell 0.3% The MSCI Asia Pacific Index rose 1.4% The MSCI Emerging Markets Index rose 2% Currencies
The Bloomberg Dollar Spot Index was little changed The euro was little changed at $1.1127 The Japanese yen rose 0.2% to 157.67 per dollar The offshore yuan was little changed at 6.6650 per dollar The British pound was little changed at $1.3294 Cryptocurrencies
Bitcoin rose 0.6% to $81,120.49 Ether rose 1% to $2,363.78 Bonds
The yield on 10-year Treasuries advanced one basis point to 5.01% Germany’s 10-year yield was little changed at 3.37% Britain’s 10-year yield advanced one basis point to 5.36% Commodities
Brent crude rose 1.2% to $115.19 a barrel Spot gold fell 0.3% to $4,049.31 an ounce This story was produced with the assistance of Bloomberg Automation.
©2026 Bloomberg L.P.
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