Stocks Climb as AI-Led Rebound Enters Day Two: Markets Wrap
(Bloomberg) — A recovery in the artificial-intelligence trade entered a second day in a cautiously risk-on session, with oil prices also falling on easing tensions in the Middle East.
Nasdaq 100 futures advanced 0.6%, pointing to further gains for technology stocks after last week’s pullback. Dip buyers fueled an 8.2% advance in South Korea’s Kospi, leading gains across Asia. European stocks were more muted, with the Stoxx 600 little changed.
Brent crude fell 1.4% toward $93 a barrel after Israel and Iran agreed to end attacks against each other. US President Donald Trump also renewed assertions that a peace deal with Tehran is nearing completion. Treasuries posted small gains as traders dialed back expectations for a US interest-rate hike this year, with the 10-year yield down two basis points at 4.55%.
Optimism toward the tech sector is remaining firm as investors find fresh reasons to bet on the AI theme: SpaceX’s initial public offering was oversubscribed, OpenAI filed confidentially for an initial public offering and Amazon.com Inc. sold C$14 billion ($10 billion) of Canadian dollar high-grade bonds.
“Tech has been driven by earnings over past weeks, but has also fully re-rated in hardware and semis,” said Wolf von Rotberg, equity strategist at Bank J Safra Sarasin. “With valuations back close to record highs, the pace of gains is likely to slow.”
In other corners of the market, gold steadied around $4,340 an ounce. Citigroup Inc. lowered its three-month target for bullion to $4,000, citing the likelihood of a Fed rate hike this year.
The dollar headed for a back-to-back loss. The yen held steady after the Nikkei reported the Bank of Japan will discuss halting its quarterly reductions in bond-buying from April 2027 onward at its upcoming June meeting.
Corporate News:
GSK Plc agreed to buy clinical-stage biopharmaceutical company Nuvalent Inc. in a deal valued at $10.6 billion to expand in oncology treatments. Saudi Arabia’s Mutlaq Al-Ghowairi Contracting Co. has postponed plans for an initial public offering that was set to raise as much as $799 million and rank as the region’s first major listing of the year. OpenAI, the maker of ChatGPT, filed confidentially for an IPO, joining artificial intelligence rivals in tapping public markets to fund ambitious growth plans. SpaceX’s initial public offering is well oversubscribed, according to people familiar with the matter, as demand builds for a potentially record-setting debut. Elon Musk’s xAI has brought over an executive from SpaceX’s Starlink satellite-internet service to run the team that trains its Grok chatbot, replacing college-aged engineer Diego Pasini, according to an internal note seen by Bloomberg News. Apple Inc. used its Worldwide Developers Conference to lay the foundation for a new generation of products, making the case that it can overcome years of snags to compete in the AI era. The Pentagon accused some of China’s biggest companies, including Alibaba Group Holding Ltd., Baidu Inc. and BYD Co. of supporting the Chinese military. Some of the main moves in markets:
Stocks
The Stoxx Europe 600 was little changed as of 8:34 a.m. London time S&P 500 futures rose 0.3% Nasdaq 100 futures rose 0.6% Futures on the Dow Jones Industrial Average were little changed The MSCI Asia Pacific Index rose 2.6% The MSCI Emerging Markets Index rose 3.3% Currencies
The Bloomberg Dollar Spot Index fell 0.1% The euro was little changed at $1.1540 The Japanese yen was little changed at 160.19 per dollar The offshore yuan rose 0.2% to 6.7717 per dollar The British pound rose 0.2% to $1.3365 Cryptocurrencies
Bitcoin fell 0.5% to $63,125.65 Ether fell 0.6% to $1,679.93 Bonds
The yield on 10-year Treasuries declined two basis points to 4.55% Germany’s 10-year yield was little changed at 3.05% Britain’s 10-year yield declined two basis points to 4.92% Commodities
Brent crude fell 1.4% to $92.94 a barrel Spot gold was little changed This story was produced with the assistance of Bloomberg Automation.
–With assistance from Anand Krishnamoorthy.
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