Stocks Steady as Oil, Bonds Stabilize; Yen Gains: Markets Wrap

(Bloomberg) — US equity-index futures fluctuated as oil prices and Treasury yields stabilized. The yen jumped more than 1% against the dollar as investors focused on factors that could bolster the currency, while remaining wary of intervention risk.

Futures for the S&P 500 and Nasdaq 100 were little changed, while Europe’s Stoxx 600 benchmark edged 0.1% higher. Technology shares remain in focus after Broadcom Inc. predicted a boom in artificial intelligence chip sales over the next two years. South Korea’s Kospi Index — a barometer of AI investments — saw sharp swings, rising as much as 1.8% before abruptly falling as much as 1.9%.

Attention is on the yen, which rose as much as 1.4% to 156.41 per dollar. Traders are questioning the view that the Bank of Japan will move too slowly in raising interest rates, and news from the nation’s biggest pension is fueling talk of more positive fund flows. There is also speculation that Japan could intervene in the currency market again.

The yen pared its gains after Bloomberg News reported that the BOJ is leaning toward raising its benchmark rate by a quarter point this month in response to upward price risks, and will remain flexible on the pace of future hikes.

Elsewhere, Brent halted a three-day rally, falling 1.3% to $94.35 a barrel. Oil slipped after President Donald Trump said renewed attacks on Iran would likely be short-lived and reiterated his claim that the US controls the Strait of Hormuz. The pullback in crude eased pressure on Treasuries, which broadly held gains from the previous session.

Thursday’s moves followed a cautious start to September, when global bond yields surged as renewed fighting in Iran drove oil higher, fueling inflation concerns and bets on a Federal Reserve interest-rate hike this month. With earnings season largely over, attention is shifting to Friday’s US jobs report for clues on the US economy and the policy outlook.

“There’s no structural trend in the direction of travel and the market typically follows short-term moves on oil,” said Nadege Dufosse, head of multi-asset at Candriam. “It’s a market which is complicated to navigate.”

Meanwhile, natural gas futures in Europe gained for a fourth day to head for the highest close since early 2023. Base metals prices also advanced, with copper in London trading less than $300 a ton below the record set in January.

A Bloomberg gauge of the dollar slipped for a second day. Gold rose 0.9% to about $4,420 an ounce. The Treasury 10-year yield dipped one basis point to 4.77%.

Corporate Highlights:

Elliott Investment Management has built a sizeable stake in Deutsche Telekom AG and indicated the German telecommunications giant should ditch a potential merger with its American arm T-Mobile US Inc., people familiar with the matter said. China is about a decade and a half behind in developing cutting-edge chipmaking tools, according to a top executive at Germany’s Zeiss Group, a key supplier in the global semiconductor industry. Hewlett Packard Enterprise Co. declined in late trading after the company reported increasing sales that didn’t meet high expectations from investors. Some of the main moves in markets:

Stocks

The Stoxx Europe 600 was little changed as of 8:43 a.m. London time S&P 500 futures rose 0.1% Nasdaq 100 futures rose 0.2% Futures on the Dow Jones Industrial Average rose 0.2% The MSCI Asia Pacific Index rose 0.5% The MSCI Emerging Markets Index rose 0.1% Currencies

The Bloomberg Dollar Spot Index fell 0.2% The euro rose 0.1% to $1.1602 The Japanese yen rose 1% to 157.15 per dollar The offshore yuan was little changed at 6.7182 per dollar The British pound was little changed at $1.3496 Cryptocurrencies

Bitcoin rose 0.8% to $78,030.6 Ether rose 0.8% to $2,411.59 Bonds

The yield on 10-year Treasuries was little changed at 4.77% Germany’s 10-year yield declined one basis point to 3.36% Britain’s 10-year yield declined three basis points to 5.20% Commodities

Brent crude fell 0.6% to $95.10 a barrel Spot gold rose 1.1% to $4,427.93 an ounce This story was produced with the assistance of Bloomberg Automation.

–With assistance from Ruth Carson, Jake Lloyd-Smith and Julien Ponthus.

©2026 Bloomberg L.P.