.jpg)
1 hour ago
2
Article content
(Bloomberg) — Asian stocks were set to track Wall Street higher as renewed enthusiasm for the artificial-intelligence trade drove the S&P 500 to a ninth day of gains.
THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
SUBSCRIBE TO UNLOCK MORE ARTICLES
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
REGISTER / SIGN IN TO UNLOCK MORE ARTICLES
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account.
- Share your thoughts and join the conversation in the comments.
- Enjoy additional articles per month.
- Get email updates from your favourite authors.
THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account
- Share your thoughts and join the conversation in the comments
- Enjoy additional articles per month
- Get email updates from your favourite authors
Sign In or Create an Account
or
Article content
Equity-index futures pointed to gains in Japan and Taiwan, while contracts for Hong Kong edged lower. On Tuesday, the S&P 500 Index closed at an all-time high after notching its longest winning streak since May as a gauge of chipmakers surged nearly 6%.
Article content
Article content
Article content
A sense of caution came as oil rose over 2% and US equity-index futures dropped 0.3%. The dollar also strengthened against all its Group-of-10 peers, while the yen neared the important 160-per-dollar level. Bitcoin slid to around $66,300.
Article content
By signing up you consent to receive the above newsletter from Postmedia Network Inc.
Article content
Treasuries retreated from near their best levels of the past month as the first of three labor-market reports this week backed wagers that the Federal Reserve’s next move will be to raise interest rates.
Article content
Investors piling into AI-linked stocks have propelled global equities to record highs, with hopes for a deal to end the war that has rattled markets worldwide providing an additional boost. Traders have looked past concerns about elevated valuations, betting that strong earnings growth and easing geopolitical tensions will continue to support risk assets.
Article content
“Tech continues to dominate the market,” said veteran strategist Louis Navellier. “The trend remains positive, with the catalyst for further material gains possible with a resolution with Iran.”
Article content
Meanwhile, President Donald Trump remained optimistic the US can reach an interim peace deal soon. He disputed reports in Iranian state media that said talks with Washington had been suspended over the fighting in Lebanon, saying the two sides have been “continuously” having conversations, including “today.”
Article content
Article content
Officials in Tehran are discussing their “final text” to send to the US, Iran’s Mehr news agency reported. The primary focus for the oil market remains the Strait of Hormuz, which handled about one-fifth of global oil and liquefied natural gas flows before the war began — with visible commercial traffic through the waterway remaining limited.
Article content
Even as businesses navigated rising energy costs sparked by the Iran war, US job openings jumped in April to the highest level in almost two years and layoffs fell, adding to signs the labor market remained resilient.
Article content
“The jobs market continues to hold its ground,” said Bret Kenwell at eToro. “There’s hope that energy prices will retreat after a geopolitically charged surge in the first quarter, allowing the Fed to stay on hold while inflation eases in the second half of the year. Pair that with rising earnings expectations, and it could help propel stock prices higher.”
Article content
A boom in stocks is being driven by an appetite for profit that’s outweighing fears about economic disruption and inflation risks, said Goldman Sachs Group Inc. Chief Executive Officer David Solomon.
English (US)