US Stocks Rise as War Fears Are Offset by the Tech Outlook – Europe Market Wrap
A rally in technology companies is boosting US index futures as investors await the monthly jobs report. Oil prices fluctuated as the Trump administration pressed for a peace agreement with Iran.
The S&P 500 and Nasdaq 100 were poised to reach fresh highs after futures jumped 0.4% and 0.6%, respectively. US equities were the outstanding performers on a poor day for stocks worldwide, as conflicts in the Middle East threatened to undermine attempts to bring the war to an end permanently.
Benchmarks in Europe and Asia sank sharply. Brent rose as much as 2.9% before settling just above $100 per barrel. Treasuries climbed ahead of the April payroll report, with the two-year yield falling 2 bps to 3.89%. The Dollar was poised for a second consecutive week of losses.
In the most recent Middle Eastern happenings, the Iranian army captured an oil tanker for “attempting to disrupt oil exports,” according to the semi-official Tasnim news agency. Meanwhile, US forces struck missile and drone launch facilities, as well as other military assets in Iran, alleging that they were responsible for attacks on US vessels transiting the Strait.
UK gilts rebounded after PM Starmer announced that he will remain Labour leader despite the party’s losses in local elections. The yield on 30-year bonds, which are more vulnerable to political and budgetary threats, declined 7 bps to 5.56%. The Pound rose 0.4% to $1.36 against the Dollar.
