Trading in the US was driven by AI-linked companies, with Nvidia Corp.’s six-day rally pushing its market value closer to $6 trillion. Cerebras Systems Inc. soared 68% in its debut, while Applied Materials Inc. shares advanced in after-hours trade on encouraging forecasts.
Elsewhere, Brent crude climbed 0.7% to around $106 a barrel, while the dollar held onto gains from the previous four sessions. The pound dropped Thursday after a new challenge to the leadership of UK Prime Minister Keir Starmer. Attention in Asia will also be on President Donald Trump’s China visit, with Taiwan emerging as a key issue.In Treasuries, the two-year yield traded at 4.03% in early Asian hours Friday, its highest level since June, while the benchmark 10-year yield rose one basis point to 4.49%.
Elsewhere, Japanese 10-year government bond yields climbed on Friday as the nation’s producer prices surged to the highest since 2023.AI optimism, strong corporate profits and a still-robust economy have sent stocks from one record to the next, masking concerns of oil prices staying above $100 a barrel and stoking inflation. A report showed US retail sales rose for a third month, offering an upbeat data point for the health of consumers contending with higher prices.
In geopolitical news, Trump signaled China is willing to support negotiations with Iran, as he pushes for a diplomatic resolution to end the war and reopen the Strait of Hormuz. China has not explicitly confirmed.
Bets that corporate earnings will keep powering ahead have offset worries that higher energy costs could fuel inflation and weigh on consumer confidence.
First-quarter S&P 500 profits likely grew about 27% from a year ago, marking a sixth straight quarter of double-digit expansion, according to data compiled by Bloomberg Intelligence.
With inputs from Bloomberg
