US Stocks Eye Best Weekly Run of Gains Since 2023: Markets Wrap
(Bloomberg) — The S&P 500 is heading for its longest streak of weekly wins since 2023 as hopes for progress toward a peace deal in the Middle East and unrelenting enthusiasm for artificial intelligence keep fueling global stocks.
Futures for the benchmark rose 0.2%, with the S&P 500 on track for an eighth straight week of gains. Brent rebounded 1.9% toward $105 a barrel, but remained lower for the week. Treasuries rose ahead of Kevin Warsh’s swearing in as Federal Reserve chair.
Markets are heading into the weekend on a quieter note, shaking off worries that severe disruptions to energy flows from the Middle East could stoke inflation. Signs that neither Iran nor the US is looking to widen their conflict and growing appetite for a broader group of AI beneficiaries have kept volatility subdued despite conflicting reports around peace talks.
“We’ve got the biggest capital spending boom since the financial crisis,” said Guy Miller, chief market strategist at Zurich Insurance. “That’s leading to record corporate profitability; we are in this virtuous circle where it’s generating profitability for other suppliers, other companies too.”
US Treasuries are gaining for a third straight day after yields earlier this week tested multiyear highs. Investors said US authorities remain highly attentive to borrowing costs and that current levels will sharpen the White House’s resolve to find a resolution in the Middle East.
“The administration is well-focused on the bond market, even more than equities in my view, so they won’t allow the curve to steepen much further,” said Andrea Gabellone, head of global equities at KBC Securities.
US allies are also pushing for a diplomatic solution, with the United Arab Emirates joining Saudi Arabia and Qatar in urging President Donald Trump to give negotiations a chance, according to people familiar. US Secretary of State Marco Rubio said there was “slight progress” in mediated talks.
Workday Inc. was among the standout movers in premarket trading, jumping 8.2% after a first-quarter beat. Estee Lauder Cos. advanced 10% following the collapse of a proposed combination with Puig Brands SA. US-listed Chinese stocks fell after China’s securities regulator announced plans to penalize three cross-border brokerages.
In Europe, the Stoxx 600 climbed 0.5% as the region’s semiconductor-linked stocks such as STMicroelectronics NV and ASML Holding NV led gains. A key gauge for Asia advanced 0.9%, with Japan’s Nikkei 225 outperforming.
“The market is fully aware that headlines will remain volatile, and while oil needs to react for practical reasons, equities have probably moved on,” said Geoff Yu, senior macro strategist at BNY. “The lack of an agreement does not imply re-escalation, so the focus for now will stay with earnings and data.”
Corporate Highlights:
The proposed multibillion-dollar tie-up between Puig Brands SA and Estee Lauder Cos. fell apart due to makeup artist Charlotte Tilbury’s demands regarding her compensation in the deal, according to people familiar with the matter. Richemont’s full-year sales rose more than expected as shoppers splurged on its pricey Cartier bracelets and rings, helping the Swiss group weather a luxury market slowdown better than most rivals. CVC Capital Partners Plc and Groupe Bruxelles Lambert offered to buy Recordati SpA in a deal valuing the Italian drugmaker at more than $12 billion, which would be one of the biggest healthcare deals in Europe this year. Some of the main moves in markets:
Stocks
S&P 500 futures rose 0.2% as of 7:54 a.m. New York time Nasdaq 100 futures rose 0.2% Futures on the Dow Jones Industrial Average rose 0.3% The Stoxx Europe 600 rose 0.6% The MSCI World Index rose 0.2% Currencies
The Bloomberg Dollar Spot Index rose 0.1% The euro fell 0.2% to $1.1598 The British pound was little changed at $1.3422 The Japanese yen was little changed at 159.13 per dollar Cryptocurrencies
Bitcoin fell 0.4% to $77,328.6 Ether fell 0.4% to $2,127.21 Bonds
The yield on 10-year Treasuries declined two basis points to 4.55% Germany’s 10-year yield declined five basis points to 3.04% Britain’s 10-year yield declined five basis points to 4.92% Commodities
West Texas Intermediate crude rose 1.3% to $97.57 a barrel Spot gold fell 0.4% to $4,523.49 an ounce This story was produced with the assistance of Bloomberg Automation.
–With assistance from Neil Campling and Sujata Rao.
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