Nasdaq Futures Rise After Tech Rally, Yen Steadies: Markets Wrap

(Bloomberg) — Asian shares climbed, following a Wall Street rally driven by gains in technology stocks. The yen steadied after its intervention-led gains.

MSCI’s gauge for Asian shares gained, with South Korea’s Kospi index rising almost 2%. The S&P 500 Index climbed 1.5%, finishing within striking distance of a record.

Equity-index futures for the Nasdaq 100 Index rose 0.3% after a Wall Street rally that saw a gauge of megacaps post its best day since March. Palantir Technologies Inc. jumped 14% in extended trading after raising revenue and income forecasts. Elsewhere, Amazon.com shares fell as much as 1.9% in postmarket trading after Chair Jeff Bezos filed to sell shares.

The yen held steady through the New York trading session after a sharp advance earlier sparked speculation authorities may have intervened to support the currency again after last week’s coordinated action between the US and Japan. The currency traded at 157.33 per dollar in early Asian trading.

Cooling tensions in the Middle East sent oil lower and spurred a rally in bonds Monday. Brent edged higher to $84.10 per barrel as President Donald Trump said current negotiations were Iran’s “last chance” after calling off a planned attack. The Treasury 10-year yield dropped six basis points to 4.68% in the previous session.

Monday’s revival in US technology shares offered investors some relief, even as uncertainty in the Middle East and lofty AI valuations kept caution elevated. The next test comes with another busy week of corporate earnings, as investors look for evidence that heavy spending on AI is translating into stronger growth and profits.

“Earnings will remain the primary focus, with roughly 15% of the S&P 500 by market capitalization scheduled to report,” said Matt Orton, chief market strategist at Raymond James Investment Management.

In the US, of the 307 S&P 500 companies that have reported so far this season through Friday, 86% beat analysts’ forecasts for EPS. On sales, 68% of companies have positively surprised, while 15% missed.

SpaceX’s inaugural report as a public company is due on Tuesday. It’s also set the stage for one of the largest share unlocks in capital markets history, with as much as $116 billion worth of stock becoming eligible for sale for the first time next month. Elon Musk’s company has fallen below its IPO price, closing on Monday at $114.46.

Still, the on-again, off-again nature of US-Iran diplomacy may mean earnings and jobs data will have to do the heavy lifting for the bulls this week, according to Chris Larkin at E*Trade from Morgan Stanley.

In the countdown to a slew of jobs figures, data showed US manufacturing activity expanded in July at the fastest pace in more than four years as demand remained strong, production surged and firms added workers.

Forces that propelled US stocks to record highs this year remain “firmly intact” after a reset in retail investors’ speculative trading, according to Citadel Securities’s Scott Rubner.

“Markets are transitioning from a flow-driven environment back to one increasingly dictated by earnings, corporate demand, and the macroeconomic backdrop,” he wrote.

Corporate Highlights:

Marriott International Inc. said that room growth for 2026 would likely come in at the lower end of earlier guidance, driven by construction delays in the Middle East. Grab Holdings Ltd. raised its annual earnings and sales forecasts. Some of the main moves in markets:

Stocks

S&P 500 futures were little changed as of 9:07 a.m. Tokyo time Hang Seng futures were little changed Japan’s Topix fell 0.3% Australia’s S&P/ASX 200 rose 0.2% Euro Stoxx 50 futures rose 1.3% Currencies

The Bloomberg Dollar Spot Index was little changed The euro was little changed at $1.1510 The Japanese yen fell 0.2% to 157.45 per dollar The offshore yuan was little changed at 6.7575 per dollar The Australian dollar was little changed at $0.7001 Cryptocurrencies

Bitcoin fell 0.4% to $63,482.76 Ether fell 0.4% to $1,859.71 Bonds

The yield on 10-year Treasuries advanced one basis point to 4.69% Japan’s 10-year yield declined one basis point to 2.810% Australia’s 10-year yield advanced two basis points to 4.95% Commodities

West Texas Intermediate crude rose 0.4% to $80.68 a barrel Spot gold rose 0.1% to $4,060.01 an ounce This story was produced with the assistance of Bloomberg Automation.

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