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(Bloomberg) — US stocks struggled to build on record gains as growing strains on the ceasefire between the US and Iran sent oil prices higher for a third straight day.
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S&P 500 futures slipped 0.1% after the artificial-intelligence trade fueled a nine-day rally in the benchmark index. Brent rose 2.4% to top $98 a barrel. Bond yields advanced across most markets as crude prices stoked concerns about inflationary pressures. The dollar edged higher.
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The cautious mood follows flare-ups in the Middle East that are testing a fragile truce between Washington and Tehran, with US forces intercepting ballistic missiles and drones aimed at neighboring countries and striking an Iranian command center in response. As talks between the parties dragged on, President Donald Trump said Iran has agreed it won’t have a nuclear weapon.
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Traders are watching whether the S&P 500 can extend its winning streak to the longest in more than three decades. A narrow rally has seen technology stocks, and chipmakers in particular, leave the rest of the market far behind.
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“I don’t think this is the top, there’s still room to run,” said Amanda Lyons, head of research at Energy Group Capital. “The fuel is just quietly shifting from earnings to excitement; that’s fine on the way up, it only matters when the music stops.”
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Investors are also awaiting SpaceX’s disclosure of the terms of its initial public offering that is set to be by far the largest in history. Reuters reported that Elon Musk’s rocket launch, satellite and AI company aims to sell more than 550 million shares at $135 apiece for a $75 billion IPO.
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The share sale forms part of a pipeline of potential offerings from high-profile tech companies in the coming months. AI rivals OpenAI and Anthropic PBC look to forge ahead with listings of their own, while Alphabet Inc. revealed plans for a record $80 billion equity offering on Monday.
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“The IPO wave is a strong confidence indicator for markets,” said Nataliia Lipikhina, head of EMEA equity strategy at JPMorgan Private Bank. “We think there is enough capacity in the market to absorb them, and the renewed issuance pipeline is additive to the broader market story.”
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Europe’s Stoxx 600 fell 0.4%, led lower by automakers. Marvell Technology Inc. rallied a further 9% in US premarket trading after Tuesday’s 33% surge. The gains came after Nvidia Corp.’s Jensen Huang predicted that the semiconductor and networking company would be the next business to hit a $1 trillion valuation.
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Broadcom Inc. will offer investors another snapshot into AI spending when it reports after the close, with Bloomberg Intelligence expecting accelerating revenue from XPU chips and growing demand for networking.
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