US equity-index futures advanced, signaling that a rally which pushed Wall Street gauges to record highs on strong megacap tech earnings may have further to run. The yen edged lower, paring some of its gains triggered by Japan’s intervention. Contracts for the S&P 500 Index advanced 0.2% and those for the Nasdaq 100 climbed 0.1% after the underlying gauges closed at all-time highs on Thursday, on optimism about the outlook for US company earnings. Apple Inc. shares almost 2% in extended trading after delivering a strong revenue forecast, even as it warned of higher memory-chip costs. Meanwhile, the yen was slightly weaker at around 157.25 per dollar after rising as high as 155.57 on Thursday. The currency had been approaching the 161 level before Japan’s government stepped in with its support. The country’s Nikkei stock index gained 0.6%, with several Asian markets shut for a holiday.
Traders had plenty to contend with in April, as oil prices surged on the Middle East crisis with no resolution in sight, yet US stocks posted their best month since 2020, driven by a resurgence in technology shares and the artificial intelligence trade. Investors will test that narrative in the coming weeks, watching whether AI-led momentum can offset price pressures and geopolitical risks. While US gross domestic product accelerated during the first quarter, thanks to the massive upswing in AI business investment, it also showed inflationary pressures picked up sharply in March as the war spurred a surge in gasoline prices. The personal consumption expenditures price index — the Fed’s preferred measure of inflation — rose 0.7% last month, the most since 2022. Inflation concerns are increasing with European Central Bank policymakers likely to raise interest rates at their next meeting in June unless there are positive developments on energy prices and ending the Iran war, according to people familiar with the situation. In other corners of the market, US crude was steady around $105.10 a barrel after falling in the prior session. President Donald Trump said he was sticking with a naval blockade of Iranian ports as concerns mount that the vital Strait of Hormuz wouldn’t reopen anytime soon. The dollar edged up 0.1% after wrapping up its worst month since June. Treasuries gave up some of their gains from the prior session, with the yield on the 10-year note rising two basis points to 4.39%. Gold traded around $4,620 an ounce. In Asia, attention was on Japan, and what steps the authorities will take after the yen’s surge in the prior session. The yen’s intervention-fueled rally is at risk of evaporating quickly, increasing the likelihood that Japan will have to wade back into the market to shore up the exchange rate, analysts said. Until now, the currency had been trading close to its cheapest levels in four decades, risking faster inflation by making imports — including already soaring oil — pricier. Atsushi Mimura, the country’s top currency official, said authorities are maintaining readiness to intervene in the crude oil futures market, where speculative moves have been affecting the currency. Japan has also started additional release of national oil reserves, Kyodo reported.
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