Stocks Rally Further as AI Tie-Up Spree Extends: Markets Wrap

(Bloomberg) — A tech-fueled rally in global stocks continued unabated as another round of big-ticket artificial intelligence partnerships stoked fresh optimism.

A gauge for Asian technology stocks led the charge with a new record as Japan’s Hitachi Ltd. teamed up with OpenAI on energy and related infrastructure while Fujitsu Ltd. expanded its collaboration with Nvidia Corp. US stock futures also advanced, setting the S&P 500 on track for a sixth straight gain and its longest winning streak since July.

Europe’s Stoxx 600 extended its record run, led by mining shares as copper headed for its biggest weekly advance since April.

Investors are wagering that the billions pouring into the AI sector will translate into profits and extend gains in tech shares. The rally underscored how bullish momentum in the sector is overshadowing concerns about the Trump administration’s plan to cut “thousands” of federal jobs amid the second day of a government shutdown.

“Markets remain as upbeat as they have been over recent days,” said Wolf von Rotberg, equity strategist at Bank J. Safra Sarasin. “Tech continues to push ahead, propelled higher by AI euphoria, while other sectors have been catching up lately.”

The yen weakened against the dollar after Bank of Japan Governor Kazuo Ueda kept his policy options open by reiterating the bank’s long-held stance on interest rates. Ueda avoided sending any clear signals about the prospects for a rate hike when the board meets later this month.

Market speculation over an impending rate hike had gained momentum in recent weeks. Two board members dissented from the decision to hold settings steady last month, and a member considered dovish cited the heightened need for policy change in a speech earlier this week.

Gold headed for a seventh weekly advance while oil was on track for its biggest weekly decline since late June, ahead of an OPEC+ meeting that’s expected to result in the return of more idled barrels.

A Bloomberg gauge of the dollar held its gains from the prior session while Treasuries edged lower, with the yield on the 10-year gaining one basis point to 4.10%.

Elsewhere, Treasury Secretary Scott Bessent predicted a “pretty big breakthrough” in the next round of trade talks with China. The comments come as the Trump administration takes steps to support US farmers hurt by a decline in Chinese purchases.

Traders were also contending with the temporary blackout in economic readouts after Thursday’s weekly initial jobless claims numbers were delayed by the government closure. The Bureau of Labor Statistics’ nonfarm payrolls data on Friday will also likely be delayed amid the shutdown.

Corporate News:

Applied Materials Inc., the largest US maker of machinery used to manufacture semiconductors, said an expansion of rules that restrict the export of its products to China will take another chunk out of its revenue. Asahi Group Holdings Ltd. suspended some beverage shipments on Monday after a cyberattack hobbled some of the drinks company’s operations in Japan. Boeing Co.’s 777X is slated to fly commercially for the first time in early 2027 instead of next year, people familiar with the matter said. Oracle Corp. is investigating hacks of numerous customers’ E-Business Suite applications following an extortion campaign targeting large organizations. Global Infrastructure Partners is in advanced talks to acquire Macquarie-backed Aligned Data Centers. Some of the main moves in markets:

Stocks

The Stoxx Europe 600 rose 0.4% as of 8:34 a.m. London time S&P 500 futures rose 0.2% Nasdaq 100 futures rose 0.3% Futures on the Dow Jones Industrial Average rose 0.2% The MSCI Asia Pacific Index rose 0.6% The MSCI Emerging Markets Index rose 0.2% Currencies

The Bloomberg Dollar Spot Index was little changed The euro rose 0.1% to $1.1727 The Japanese yen fell 0.2% to 147.50 per dollar The offshore yuan was little changed at 7.1351 per dollar The British pound was little changed at $1.3447 Cryptocurrencies

Bitcoin fell 0.7% to $119,872.15 Ether fell 0.7% to $4,461.35 Bonds

The yield on 10-year Treasuries advanced one basis point to 4.10% Germany’s 10-year yield was little changed at 2.70% Britain’s 10-year yield declined one basis point to 4.70% Commodities

Brent crude rose 0.9% to $64.70 a barrel Spot gold rose 0.1% to $3,862.02 an ounce This story was produced with the assistance of Bloomberg Automation.

–With assistance from Anand Krishnamoorthy.

©2025 Bloomberg L.P.