Stocks Climb in US Holiday Trading, Dollar Falls: Markets Wrap
(Bloomberg) — Stocks rose as the latest bout of jitters about the sustainability of the AI-trade subsided, with Europe’s benchmark holding near a record high. The dollar was on track for its worst week since May.
Nasdaq 100 futures rallied 1% in holiday trading. The gauge is rebounding after a selloff in chipmakers fueled an 11% two-day rout in the Philadelphia Stock Exchange Semiconductor Index. S&P 500 contracts rose 0.3%. South Korean memory makers SK Hynix Inc. and Samsung Electronics Co. also bounced back to help drive a 2% advance in Asian shares. Europe’s Stoxx 600 wavered.
Friday’s gains mark the latest turn in a stretch of jittery trading as markets grapple with whether the second-quarter’s AI-driven rally has gone too far. Investors expect the swings to continue, with the upcoming earnings season seen as the next test of whether vast outlays on AI infrastructure can translate into profits.
“This rebound is likely to carry markets higher on Friday as the US remains closed for Independence Day and volumes are subdued,” said Joachim Klement, head of strategy at Panmure Liberum. “There is no major macro or earnings news that can move markets today, so investors will increasingly look forward to the start of earnings season.”
Gold rose for a third straight session as money markets continue to dial back expectations for Federal Reserve interest rate hikes this year. The metal, which is less attractive when rates are higher, climbed 1.4% to $4,180 an ounce to the highest level in more than a week.
Worries that persistent inflation pressures would leave the Fed little choice but to tighten policy have subsided in recent days, with oil prices easing and an unexpectedly sharp slowdown in US labor market growth. The first fully priced-in quarter-point Fed hike has moved back to December from October over the last two days.
Brent steadied at below $72 a barrel as traders weighed the outlook for increased supply through the Strait of Hormuz and continuing talks between the US and Iran.
Some of the main moves in markets:
Stocks
The Stoxx Europe 600 was little changed as of 10:03 a.m. London time S&P 500 futures rose 0.2% Nasdaq 100 futures rose 0.9% Futures on the Dow Jones Industrial Average were little changed The MSCI Asia Pacific Index rose 2% The MSCI Emerging Markets Index rose 2.2% Currencies
The Bloomberg Dollar Spot Index fell 0.1% The euro rose 0.2% to $1.1452 The Japanese yen was little changed at 161.02 per dollar The offshore yuan was little changed at 6.7839 per dollar The British pound rose 0.1% to $1.3361 Cryptocurrencies
Bitcoin was little changed at $61,527.21 Ether rose 0.9% to $1,719.59 Bonds
The yield on 10-year Treasuries was little changed at 4.48% Germany’s 10-year yield advanced two basis points to 2.92% Britain’s 10-year yield was little changed at 4.78% Commodities
Brent crude rose 0.3% to $72.02 a barrel Spot gold rose 1.4% to $4,180.40 an ounce This story was produced with the assistance of Bloomberg Automation.
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