Stocks Hold AI Gains as Oil Falls Below $98 - Europe Market Wrap
US stocks steadied after the latest AI-led rally, while falling oil prices continued to support sentiment. S&P 500 futures were little changed after tech and chip shares pushed the index to a one-month high. Brent fell below $98 a barrel, reversing an earlier gain of as much as 2%, after Kyodo reported Iran had proposed reopening the Strait of Hormuz within seven days if the US blockade is lifted. Comments from an IRGC spokesman also suggested Tehran remained open to negotiations. Lower oil prices eased inflation concerns and supported Treasuries, with the US 10-year yield down 3 bps to 4.92%. The Dollar also weakened. AI-linked stocks were mixed following gains sparked by Meta’s new AI agent. Alphabet rose more than 1% in premarket trading, while an ETF tracking chipmakers edged lower. Trump is due to address the UN General Assembly later Tuesday, with markets watching for any potential meeting with Iranian officials. Investors are also looking ahead to the Trump-Xi summit later this week after US and Chinese officials concluded a second day of talks in New York.
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US stocks steadied after the latest AI-led rally, while falling oil prices continued to support sentiment. S&P 500 futures were little changed after tech and chip shares pushed the index to a one-month high. Brent fell below $98 a barrel, reversing an earlier gain of as much as 2%, after Kyodo reported Iran had proposed reopening the Strait of Hormuz within seven days if the US blockade is lifted. Comments from an IRGC spokesman also suggested Tehran remained open to negotiations.
92%. The Dollar also weakened. AI-linked stocks were mixed following gains sparked by Meta’s new AI agent. Alphabet rose more than 1% in premarket trading, while an ETF tracking chipmakers edged lower.
Trump is due to address the UN General Assembly later Tuesday, with markets watching for any potential meeting with Iranian officials. Investors are also looking ahead to the Trump-Xi summit later this week after US and Chinese officials concluded a second day of talks in New York.