Tech Rebound Lifts Stocks as Oil Rally Hits Pause: Markets Wrap
(Bloomberg) — Dip buyers drove technology stocks higher, with traders betting that a record-breaking rally in chipmakers has further room to run. Oil broke a streak of three daily gains even as the Strait of Hormuz remained shut.
Nasdaq 100 contracts rose 0.8%, alongside a rebound in South Korea’s Kospi index and an all-time high for a key tech-heavy gauge in China. Miners led a 0.6% advance in European stocks. The S&P 500 was poised to test new highs as index futures gained 0.3%.
On a busy earnings day in Asia, SoftBank Group Corp. reported a surprise increase in profit, helped by valuation gains on its OpenAI investment. Tencent Holdings Ltd.’s revenue missed estimates, while Alibaba Group Holding Ltd. is also due to publish results. Nvidia Corp. rose 2.2% in US premarket trading after co-founder Jensen Huang joined President Donald Trump on his visit to China.
Treasuries and European government bonds posted modest gains. UK gilts steadied after the 30-year yield hit the highest level in nearly three decades on Tuesday. The dollar edged higher against major peers.
Tech stocks are rallying again as investors count on the vast earnings potential of artificial intelligence to withstand worries over elevated oil prices, with flows from the Middle East showing no sign of normalizing. Traders are also banking that this week’s summit between Trump and China’s Xi Jinping could unlock a series trade deals, especially around semiconductors.
“The most difficult question for investors right now is to find hedge trades in case the war in Iran drags on and oil prices stay high,” said Marija Veitmane, head of equity research at State Street Global Markets. “The best place to hide would be companies with stronger earnings and margins, as well as highly visible and predictable earnings. All roads lead to tech.”
Brent eased 0.3% to $107.40 a barrel after rising more than 8% over the past three sessions. Oil inventories are falling around the world at a record pace and will continue to drop for months, according to the International Energy Agency.
Higher oil costs have started to seep into consumer prices, pushing bond yields higher as investors fear central bankers will have little choice but to tighten policy. Markets will get another reading Wednesday on US inflation, with producer prices expected to show the war pushing costs up throughout the supply chain.
“The PPI data today will likely confirm the spike in inflation,” said Joachim Klement, head of strategy at Panmure Liberum. “Inflation in the US is rising so quickly that even if Kevin Warsh wants to cut interest rates, he may not have any arguments to do so by the time he shows up at the Fed.”
Corporate News:
Anthropic PBC is in early talks with investors to raise at least $30 billion in fresh financing, according to people familiar with the matter. Siemens AG will repurchase as much as €6 billion ($7 billion) of shares after orders across the company’s key divisions climbed against a demanding environment. Samsung Electronics Co. failed to reach a last-minute wage agreement with its largest labor union, heightening the risk of a strike. Allianz SE, the owner of bond manager Pacific Investment Management Co., reported a record profit in the first quarter. Intertek Group Plc is leaning toward recommending a fourth and final takeover offer from private equity firm EQT AB. Some of the main moves in markets:
Stocks
The Stoxx Europe 600 rose 0.6% as of 9:54 a.m. London time S&P 500 futures rose 0.3% Nasdaq 100 futures rose 0.8% Futures on the Dow Jones Industrial Average were little changed The MSCI Asia Pacific Index rose 0.6% The MSCI Emerging Markets Index rose 0.5% Currencies
The Bloomberg Dollar Spot Index rose 0.2% The euro fell 0.3% to $1.1702 The Japanese yen fell 0.1% to 157.81 per dollar The offshore yuan was little changed at 6.7892 per dollar The British pound fell 0.1% to $1.3522 Cryptocurrencies
Bitcoin rose 0.6% to $81,147.24 Ether rose 1.3% to $2,314.03 Bonds
The yield on 10-year Treasuries was little changed at 4.46% Germany’s 10-year yield was little changed at 3.09% Britain’s 10-year yield declined one basis point to 5.09% Commodities
Brent crude fell 0.3% to $107.47 a barrel Spot gold fell 0.3% to $4,699.28 an ounce This story was produced with the assistance of Bloomberg Automation.
–With assistance from Neil Campling.
©2026 Bloomberg L.P.
