US Stocks Steady as Traders Await Hormuz Progress: Markets Wrap

(Bloomberg) — US equities held gains while oil fell and bonds ticked higher as traders waited to see whether hopes of a peace deal in the Middle East would translate into tangible progress.

S&P 500 futures were little changed after Nvidia Corp.’s earnings failed to ignite further gains in the artificial intelligence trade. Brent dropped 0.7% to just above $104 a barrel as Iran said the latest US proposal has partly bridged the gap between the warring sides. Europe’s Stoxx 600 rose 0.4%.

Treasuries nudged higher after a sharp comeback in the previous session, with JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon warning that interest rates may climb much further from current levels. Long-dated bonds around the world have tested multiyear highs in recent days on concern about an oil-driven spike in inflation and amid worries over government spending.

The more modest tone in US markets contrasted with buoyant optimism in Asia, where a key tech gauge jumped the most in six weeks.

LG Electronics Inc. and Hyundai Mobis Co. both surged in Seoul after Nvidia CEO Jensen Huang touted opportunities offered by robots and automated vehicles. SoftBank Group Corp. jumped 20% as two companies backed by the Japanese investor — OpenAI and SB Energy Corp. — were said to be preparing for initial public offerings. Regional chipmakers tracked Wednesday’s gains in US peers.

“The rally in Asia has been supported by very strong momentum in technology, particularly around the current reality of AI demand,” said Francisco Simón, European head of strategy at Santander Asset Management. “Looking ahead, investors also continue to see structural growth potential linked to the future evolution of AI, including companies that may emerge as leaders.”

In US premarket trading, Intuit Inc. sank 13% after the financial software company said it plans to reduce its workforce by about 17%. The shares of space exploration and satellite internet companies were broadly steady after Elon Musk’s SpaceX filed publicly for an initial public offering.

Investors are also getting a reading into business activity in major economies on Thursday against a backdrop of rising energy costs. The data compiled by S&P Global are closely watched as they arrive early in the month and are good at revealing trends and turning points.

In the UK, businesses posted the first decline in output in over a year as the Iran shock and a mounting rebellion against Prime Minister Keir Starmer hit activity in the services sector. In the euro area, activity shrank at the quickest pace in 2 1/2 years.

Corporate Highlights:

SpaceX filed publicly for what stands to be the largest-ever initial public offering, revealing billions in losses and the super-voting share plan allowing Elon Musk to keep the company under his control. OpenAI is preparing to file for an initial public offering in the coming weeks and is targeting a public debut sometime in the fall, according to a person familiar with the plan. Samsung Electronics Co. could distribute about 40 trillion won ($26.6 billion) to chip employees as a bonus for this year after the company struck a last-minute deal with labor unions to avert a strike. JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon said the Wall Street giant will likely hire more artificial intelligence specialists and fewer traditional bankers as the adoption of the technology accelerates. Intuit Inc. is cutting about 17% of its staff, or about 3,000 workers, a move to trim costs while the financial software company invests in artificial-intelligence products. Some of the main moves in markets:

Stocks

The Stoxx Europe 600 rose 0.4% as of 10:41 a.m. London time S&P 500 futures were little changed Nasdaq 100 futures were little changed Futures on the Dow Jones Industrial Average rose 0.2% The MSCI Asia Pacific Index rose 2.3% The MSCI Emerging Markets Index rose 2.5% Currencies

The Bloomberg Dollar Spot Index was little changed The euro was little changed at $1.1630 The Japanese yen was little changed at 158.94 per dollar The offshore yuan was little changed at 6.7998 per dollar The British pound was little changed at $1.3442 Cryptocurrencies

Bitcoin was little changed at $77,618.98 Ether fell 0.4% to $2,126.28 Bonds

The yield on 10-year Treasuries declined two basis points to 4.57% Germany’s 10-year yield declined two basis points to 3.08% Britain’s 10-year yield declined four basis points to 4.95% Commodities

Brent crude fell 0.9% to $104.10 a barrel Spot gold fell 0.2% to $4,533.65 an ounce This story was produced with the assistance of Bloomberg Automation.

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