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(Bloomberg) — The S&P 500 is heading for its longest streak of weekly wins since 2023 as hopes that the US and Iran are moving closer to a peace deal and unrelenting enthusiasm for artificial intelligence drive global equities higher.
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Futures for the US benchmark rose 0.2%, with the S&P 500 on track for an eighth straight week of gains. Brent rebounded to above $105 a barrel, but was still headed for a weekly decline. Treasuries were flat after days of swings.
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Markets are looking to end the week on a positive note at a time when worries that disruptions to Middle East energy flows would stoke inflation have spooked investors. Signs that neither Iran nor the US is looking to widen the conflict and appetite for a broader group of AI beneficiaries have kept stocks on the front foot despite often conflicting headlines around peace talks.
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“If there are sectors or even companies which can clearly show that AI can drive the bottom line due to efficiency gains, then they will be rewarded,” said Geoff Yu, a senior macro strategist at BNY. “This is especially pertinent during a time of elevated uncertainty and rising inflation expectations.”
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Gold was little changed at around $4,525 an ounce. The dollar strengthened against all major peers. The yen hovered around the 159 level against the dollar, near its weakest level since April 30, as Japan’s key inflation gauge slowed by more than forecast.
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Corporate Highlights:
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- The proposed multibillion-dollar tie-up between Puig Brands SA and Estee Lauder Cos. fell apart due to makeup artist Charlotte Tilbury’s demands regarding her compensation in the deal, according to people familiar with the matter.
- Richemont’s full-year sales rose more than expected as shoppers splurged on its pricey Cartier bracelets and rings, helping the Swiss group weather a luxury market slowdown better than most rivals.
- CVC Capital Partners Plc and Groupe Bruxelles Lambert offered to buy Recordati SpA in a deal valuing the Italian drugmaker at more than $12 billion, which would be one of the biggest healthcare deals in Europe this year.
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Some of the main moves in markets:
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Stocks
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- The Stoxx Europe 600 rose 0.5% as of 8:35 a.m. London time
- S&P 500 futures rose 0.2%
- Nasdaq 100 futures rose 0.3%
- Futures on the Dow Jones Industrial Average rose 0.3%
- The MSCI Asia Pacific Index rose 0.9%
- The MSCI Emerging Markets Index rose 0.8%
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Currencies
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- The Bloomberg Dollar Spot Index rose 0.1%
- The euro fell 0.1% to $1.1607
- The Japanese yen was little changed at 159.13 per dollar
- The offshore yuan was little changed at 6.7976 per dollar
- The British pound was little changed at $1.3424
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Cryptocurrencies
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- Bitcoin fell 0.3% to $77,400.01
- Ether fell 0.4% to $2,127.96
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Bonds
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- The yield on 10-year Treasuries was little changed at 4.57%
- Germany’s 10-year yield declined three basis points to 3.07%
- Britain’s 10-year yield declined four basis points to 4.92%
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Commodities
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- Brent crude rose 3% to $105.64 a barrel
- Spot gold fell 0.4% to $4,523 an ounce
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This story was produced with the assistance of Bloomberg Automation.
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—With assistance from Neil Campling.
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English (US)