US Futures Outperform Global Stocks as Oil Gains: Markets Wrap
(Bloomberg) — US equity futures are the standout gainers on a tough day for stocks elsewhere as clashes between the US and Iran risk undermining efforts to secure a permanent end to the war.
The S&P 500 and Nasdaq 100 were set to test new highs as futures rose 0.3% and 0.5%, respectively. Benchmarks in Europe and Asia fell sharply, while Brent advanced for the first time in three days to trade just below $101 a barrel.
Treasuries held steady ahead of April’s jobs report that’s expected to show back-to-back employment gains for the first time in nearly a year. The dollar was little changed.
The divergent fortunes for stocks come at the end of a week when optimism that the conflict may be nearing an end and blowout earnings from major tech firms helped the S&P 500 reach a succession of records. Hopes that oil flows would soon resume through the Strait of Hormuz also eased inflation worries, even as uncertainty remains over how soon the US and Iran can reach a deal.
In the latest developments in the Middle East, US forces targeted missile and drone launch sites and other military assets in Iran that they said were responsible for attacking three US warships transiting the strait. A monthlong ceasefire remains in effect, President Donald Trump said.
“For now investors sentiment remains strong as the equity market is looking through high oil prices, mainly as corporate earnings remain strong,” said Marija Veitmane, head of equity research at State Street Global Markets. “We continue to stress that the strength of earnings is heavily concentrated in IT sectors. This is where investors are fleeing to.”
Corporate Highlights:
Taiwan Semiconductor Manufacturing Co. reported a 17.5% increase in its sales, highlighting sustained spending by hyperscalers bankrolling the AI boom. Commerzbank AG lifted its guidance for profit this year and outlined more job cuts as Chief Executive Officer Bettina Orlopp steps up her defense against a hostile takeover attempt by UniCredit SpA. Stellantis NV plans to extend its cooperation with China’s Leapmotor, including co-developing an electric model under the Opel brand, shifting ownership of a plant in Spain and expanding joint purchasing. Sony Group Corp. will buy back up to ¥500 billion ($3.2 billion) of its shares, the company said as it set out a profit forecast largely in line with expectations on Friday. Cloudflare Inc. plans to cut more than 1,100 jobs globally as it accelerates its shift to an agentic AI-first operating model. Some of the main moves in markets:
Stocks
The Stoxx Europe 600 fell 0.9% as of 8:34 a.m. London time S&P 500 futures rose 0.3% Nasdaq 100 futures rose 0.5% Futures on the Dow Jones Industrial Average rose 0.1% The MSCI Asia Pacific Index fell 0.9% The MSCI Emerging Markets Index fell 0.8% Currencies
The Bloomberg Dollar Spot Index was little changed The euro rose 0.2% to $1.1744 The Japanese yen was little changed at 156.80 per dollar The offshore yuan was little changed at 6.8040 per dollar The British pound rose 0.2% to $1.3583 Cryptocurrencies
Bitcoin fell 0.5% to $79,476.88 Ether fell 0.7% to $2,273.66 Bonds
The yield on 10-year Treasuries was little changed at 4.38% Germany’s 10-year yield advanced one basis point to 3.01% Britain’s 10-year yield was little changed at 4.95% Commodities
Brent crude rose 1% to $101.06 a barrel Spot gold rose 0.5% to $4,709.30 an ounce This story was produced with the assistance of Bloomberg Automation.n.
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