Oil Rises as Nasdaq Futures Gain on Tech Results – Europe Market Wrap
Tech stocks climbed following solid reports from Intel and SAP, with the Nasdaq 100 on course for its fourth weekly increase. Brent increased as the US-Iran impasse showed no signs of easing.
Intel rose 29% in premarket trade following a strong sales estimate. TSMC surged 5% in Taipei after authorities relaxed restrictions on single-stock fund holdings. Nasdaq 100 contracts rose 0.8%. S&P 500 futures were volatile, with the index poised for its first weekly drop since March.
SAP rose 5.6% in Europe, as its performance allayed concerns about AI disrupting software industries. Nonetheless, the Stoxx 600 lost 0.8%, with cars and retail among the hardest impacted due to concerns that the Middle East war will have long-term consequences for consumer morale.
Brent rose for the fifth day in a row, surpassing $107 per barrel, as Washington and Tehran remained at odds on how to proceed with talks to resolve the crisis. The Dollar remained flat. Treasuries remained mostly unchanged, with the 10-year yield at 4.33%.
Traders will monitor signals from the US and Iran, as well as shipping activities, for signs on energy supply issues, with any Strait of Hormuz escalation likely to keep oil prices high.
