Tech Stocks Rally as ASML Highlights Chip Demand: Markets Wrap

(Bloomberg) — Technology stocks are leading equity markets higher after ASML Holding NV’s earnings offered fresh evidence of strong demand for chips that are powering the global artificial-intelligence buildout.

Nasdaq 100 futures rose 0.6%. ASML advanced 5.1% in Amsterdam after lifting its annual sales forecast for the second time this year as orders for its chip-making machines continued to surge. In Seoul, SK Hynix Inc. jumped 8.8% as the memory maker played catch-up with its American depositary receipts. S&P 500 futures gained 0.1%, Asian shares climbed 1.8% and the Stoxx 600 dipped 0.3%.

Oil prices rose for a third straight day after the US military carried out another wave of strikes against dozens of targets near the Strait of Hormuz. The status of the waterway remains the key point of contention between Washington and Tehran, with the US resuming its blockade of Iranian shipping. Brent advanced 1.5% toward $86 a barrel.

Despite the uncertainty created by the tensions in the Middle East, investors say crude prices remain well off their highs above $100 a barrel earlier in the conflict. Instead, traders are looking at whether earnings can justify high valuations, with early results this season looking promising.

“Investors are aware that the road toward peace could never have been expected to be a straight line,” said Stephan Kemper, chief investment strategist at BNP Paribas Wealth Management. “As such, company fundamentals matter more than ever.”

Treasuries and UK gilts nudged lower, while European bonds underperformed. The dollar wavered and gold fell.

Corporate Highlights:

Payment processing firm Stripe Inc. and private equity firm Advent International offered to buy fintech pioneer PayPal Holdings Inc. at a valuation topping $53 billion, Reuters reported. ASML Holding NV lifted its annual sales forecast for the second time this year as a surge in artificial intelligence spending drives demand for the Dutch company’s chip-making machines. Richemont sales expanded nearly twice as strongly as expected in the quarter through the end of June, supported by robust demand among wealthy Americans for its Cartier rings and bracelets. Some of the main moves in markets:

Stocks

The Stoxx Europe 600 fell 0.3% as of 8:30 a.m. London time S&P 500 futures rose 0.1% Nasdaq 100 futures rose 0.6% Futures on the Dow Jones Industrial Average were little changed The MSCI Asia Pacific Index rose 1.8% The MSCI Emerging Markets Index rose 2% Currencies

The Bloomberg Dollar Spot Index was little changed The euro was little changed at $1.1423 The Japanese yen was little changed at 162.27 per dollar The offshore yuan was little changed at 6.7735 per dollar The British pound rose 0.1% to $1.3409 Cryptocurrencies

Bitcoin was little changed at $64,491 Ether fell 0.5% to $1,865.16 Bonds

The yield on 10-year Treasuries advanced one basis point to 4.60% Germany’s 10-year yield advanced three basis points to 3.14% Britain’s 10-year yield advanced one basis point to 4.99% Commodities

Brent crude rose 1.5% to $85.98 a barrel Spot gold fell 0.7% to $4,023.67 an ounce This story was produced with the assistance of Bloomberg Automation.

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