Tech Stocks Rally as ASML Highlights Chip Demand: Markets Wrap
(Bloomberg) — Technology stocks are leading equity markets higher after ASML Holding NV’s earnings offered fresh evidence of the relentless demand for chips enabling the global artificial-intelligence buildout.
Nasdaq 100 futures rose 0.4%. ASML advanced 4.1% in Amsterdam after lifting the annual sales forecast for its chipmaking machines a second time this year. In Seoul, SK Hynix Inc. jumped 8.8% as the memory maker played catch-up with its American depositary receipts. S&P 500 futures gained 0.1%, Asian shares climbed 1.9% and the Stoxx 600 was little changed.
Oil prices rose for a third straight day after the US military carried out another wave of strikes against dozens of targets near the Strait of Hormuz. The status of the waterway remains a key point of contention between Washington and Tehran, with the US resuming its blockade of Iranian shipping. Brent advanced 0.8% to around $85.40 a barrel.
Despite the uncertainty created by events in the Middle East, investors say crude prices remain well off their highs above $100 a barrel earlier in the conflict. Instead, traders are looking at whether earnings can justify high valuations, with early results this season looking promising.
“Investors are aware that the road toward peace could never have been expected to be a straight line,” said Stephan Kemper, chief investment strategist at BNP Paribas Wealth Management. “As such, company fundamentals matter more than ever.”
The threat posed by higher oil prices will remain in focus with the release of June producer price data. Consumer price data on Tuesday delivered a strong downside surprise, prompting traders to dial down their expectations for near-term interest-rate hikes.
Bond yields were little changed in the US and Europe, with the yield on 10-year Treasuries at 4.59%. The dollar wavered. While money markets have mostly priced out the possibility of a Federal Reserve hike later this month, expectations for a move in September remain high.
Fed Chair Kevin Warsh will testify in the Senate on Wednesday, with New York Fed President John Williams and Governor Lisa Cook scheduled to speak at separate engagements.
“Any hint toward the CPI print being an outlier could revive rate hike concerns,” Kempner said. “This would be even more true if other Fed officials start to echo yesterday’s comments from the Fed Chair about the mission being ‘not yet’ accomplished.”
Corporate Highlights:
Payment processing firm Stripe Inc. and private equity firm Advent International offered to buy fintech pioneer PayPal Holdings Inc. at a valuation topping $53 billion, Reuters reported. ASML Holding NV lifted its annual sales forecast for the second time this year as a surge in artificial intelligence spending drives demand for the Dutch company’s chip-making machines. Richemont sales expanded nearly twice as strongly as expected in the quarter through the end of June, supported by robust demand among wealthy Americans for its Cartier rings and bracelets. Some of the main moves in markets:
Stocks
The Stoxx Europe 600 was little changed as of 9:32 a.m. London time S&P 500 futures rose 0.1% Nasdaq 100 futures rose 0.4% Futures on the Dow Jones Industrial Average were little changed The MSCI Asia Pacific Index rose 1.9% The MSCI Emerging Markets Index rose 2% Currencies
The Bloomberg Dollar Spot Index was little changed The euro was little changed at $1.1426 The Japanese yen was little changed at 162.28 per dollar The offshore yuan was little changed at 6.7725 per dollar The British pound was little changed at $1.3401 Cryptocurrencies
Bitcoin was little changed at $64,589.75 Ether was little changed at $1,873.27 Bonds
The yield on 10-year Treasuries was little changed at 4.59% Germany’s 10-year yield advanced one basis point to 3.13% Britain’s 10-year yield was little changed at 4.97% Commodities
Brent crude rose 0.8% to $85.41 a barrel Spot gold fell 0.6% to $4,026.56 an ounce This story was produced with the assistance of Bloomberg Automation.
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