S&P 500 and Nasdaq Futures Rise, Yen Pares Gain: Markets Wrap

(Bloomberg) — US equity futures were steady on Friday, suggesting a pause in the rally that’s pushed Wall Street gauges to record highs on strong megacap tech earnings. The yen resumed gains triggered by Japan’s intervention to support the currency.

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Contracts for the S&P 500 Index and the Nasdaq 100 were little changed after the underlying gauges closed at all-time highs on Thursday. Apple Inc. rose 2.8% in premarket trading after the iPhone maker gave an outlook for revenue growth that was stronger than expected.

Most European markets are closed for the Labor Day holiday. The UK’s FTSE 100 Index fell 0.7% as it was dragged lower by NatWest Group Plc, which slumped as much as 4.3% after the bank missed some analyst expectations.

Traders are catching their breath after a tumultuous April, when oil prices surged on the Middle East crisis with no resolution in sight. Yet US stocks posted their best month since 2020, driven by a resurgence in technology shares and the artificial intelligence trade. Investors will test that narrative in the coming weeks, watching whether AI-led momentum can offset price pressures and geopolitical risks.

“The latest US earnings season has been robust, which has helped prevent global markets from suffering big losses despite the impact of the Iran conflict,” said Russ Mould, investment director at AJ Bell.

The yen rose as much as 0.7% against the dollar, extending gains beyond the level struck following intervention by Japanese authorities on Thursday. The dollar was little changed after wrapping up its worst month since June. Treasuries gave up some of their gains from the prior session, with the yield on the 10-year note rising a basis point to 4.38%. Gold traded around $4,620 an ounce.

Oil held its second weekly gain as US President Donald Trump said he was sticking with a naval blockade of Iranian ports, elevating concerns the vital Strait of Hormuz would not reopen anytime soon. Brent for July rose above $111 a barrel, while West Texas Intermediate was near $106 — up 12% this week.

What Bloomberg Strategists Say…

The oil shock is showing up clearly in parts of FX and bond markets, yet US risk assets are trading as though the damage will be contained. The sustainability of that dynamic is becoming one of the most important debates in markets.

— Michael Ball, Macro Strategist. For full analysis, click here.

Elsewhere, data out Thursday showed that while US gross domestic product accelerated during the first quarter, thanks to the massive upswing in AI business investment, inflationary pressures picked up sharply in March as the war spurred a surge in gasoline prices. The personal consumption expenditures price index — the Federal Reserve’s preferred measure of inflation — rose 0.7% last month, the most since 2022.

Inflation concerns mean that European Central Bank policymakers are likely to raise interest rates at their next meeting in June unless there are positive developments on energy prices and ending the Iran war, according to people familiar with the situation.

Corporate Highlights:

NatWest Group Plc’s upgraded profit guidance underwhelmed some analysts, even as the bank said its customers were continuing to borrow in uncertain economic times. Chris Rokos’ hedge fund is pushing ahead with plans to open an Abu Dhabi office, underlining the United Arab Emirates’s continuing appeal to hedge funds, even with the country having been a target of Iran’s missile and drone attacks. ANZ Group Holdings Ltd.’s first-half profit surpassed analyst estimates as Chief Executive Officer Nuno Matos pushes ahead with his overhaul of the Australian bank. Elon Musk’s first compensation figure after Tesla Inc. shareholders approved his moonshot pay package is in — $158 billion. OpenAI Chief Financial Officer Sarah Friar, rebutting concerns about missing internal targets, said the company is meeting objectives and sees “a vertical wall of demand” for its products. Some of the main moves in markets:

Stocks

S&P 500 futures were little changed as of 5 a.m. New York time Nasdaq 100 futures fell 0.1% Futures on the Dow Jones Industrial Average rose 0.1% The Stoxx Europe 600 fell 0.2% The MSCI World Index was little changed Currencies

The Bloomberg Dollar Spot Index was little changed The euro rose 0.1% to $1.1743 The British pound was little changed at $1.3608 The Japanese yen was little changed at 156.47 per dollar Cryptocurrencies

Bitcoin rose 1.2% to $77,368.93 Ether rose 1% to $2,286.91 Bonds

The yield on 10-year Treasuries advanced one basis point to 4.38% Germany’s 10-year yield declined seven basis points to 3.04% Britain’s 10-year yield advanced two basis points to 5.03% Commodities

West Texas Intermediate crude rose 0.5% to $105.64 a barrel Spot gold fell 1.1% to $4,567.86 an ounce This story was produced with the assistance of Bloomberg Automation.

–With assistance from Anand Krishnamoorthy and Michael Msika.

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