Stocks Rise as Fresh Burst of Tech Momentum Builds: Markets Wrap
(Bloomberg) — The latest wave of enthusiasm for technology stocks carried into Friday, lifting US stock futures. Small caps also advanced as investors continued to broaden their exposure.
Nasdaq 100 contracts rose 0.4% to outperform those for the S&P 500. The advance came as a gauge of tech stocks in Asia hit an all-time high, following fresh records for a US index of chipmakers in the previous session. While the sector was more subdued in Europe, Morgan Stanley raised its price target on ASML Holding NV, the region’s AI-bellwether, by 40%.
Small caps extended gains, with futures for the Russell 2000 up 0.4%. The gauge beat the S&P 500 for a 10th straight session on Thursday, the longest such streak since 1990. Oil steadied after its biggest drop since June, while gold and silver declined. The dollar wavered and US Treasuries were little changed.
The late-week rebound in technology stocks followed results from Taiwan Semiconductor Manufacturing Co., which rekindled optimism around the artificial-intelligence theme. The balance between renewed tech enthusiasm and broader market participation is likely to remain a defining feature in the months ahead as the US economy’s resilience supports a wider range of stocks.
“There is scope for some diversification away from concentrated positioning in equities,” said Geoff Yu, senior macro strategist at BNY. “This doesn’t need to come at the expense of the broader market. A rising tide can lift all boats as the US economy is still expanding and expectations for market returns remain favorable.”
Corporate Highlights:
Mitsubishi Corp. agreed to buy Aethon Energy Management LLC’s US gas and pipeline assets for $5.2 billion, the biggest purchase by a Japanese company in the American shale sector. China Vanke Co.’s bonds extended their rally, a day after the distressed developer unveiled sweetened proposals to extend payments on some notes, potentially easing the risk of an imminent default. Ford Motor Co. is in talks with China’s BYD Co. about potentially supplying batteries for hybrid vehicles to the American automaker’s overseas factories, according to people familiar with the negotiations, drawing political pushback in the U.S. Walmart Inc. said Kathryn McLay, chief executive officer of the company’s international business, is stepping down. Some of the main moves in markets:
Stocks
The Stoxx Europe 600 fell 0.1% as of 8:36 a.m. London time S&P 500 futures rose 0.3% Nasdaq 100 futures rose 0.4% Futures on the Dow Jones Industrial Average rose 0.1% The MSCI Asia Pacific Index rose 0.4% The MSCI Emerging Markets Index rose 0.5% Currencies
The Bloomberg Dollar Spot Index was little changed The euro was little changed at $1.1613 The Japanese yen rose 0.4% to 158.04 per dollar The offshore yuan was little changed at 6.9659 per dollar The British pound was little changed at $1.3394 Cryptocurrencies
Bitcoin rose 0.1% to $95,662.9 Ether rose 0.4% to $3,312.25 Bonds
The yield on 10-year Treasuries was little changed at 4.17% Germany’s 10-year yield was little changed at 2.82% Britain’s 10-year yield was little changed at 4.39% Commodities
Brent crude was little changed Spot gold fell 0.2% to $4,606.06 an ounce This story was produced with the assistance of Bloomberg Automation.
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