Tech Fuels Equity Gains as Gold, Copper Hit Record: Markets Wrap

(Bloomberg) — The Nasdaq 100 (NQ=F) is poised to hitch retired December’s losses arsenic revived appetite for exertion stocks powered gains crossed planetary equity markets. Gold (GC=F), metallic (SI=F) and copper (HG=F) climbed to grounds highs.

Futures connected the gauge roseate 0.5% aft a adjacent 3% rally implicit the past 2 sessions. Tech and mining shares led advances successful Europe. In Asia, benchmarks astir exposed to artificial-intelligence demand, including South Korea’s Kospi, besides outperformed.

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Significant terms moves successful commodities went beyond record-setting metals, with lipid climbing amid heightened geopolitical tensions aft the US stepped up a blockade connected Venezuela. Global enslaved markets remained nether pressure, led by a 2nd time of declines successful Japanese indebtedness pursuing Friday’s interest-rate hike by the Bank of Japan.

Hopes for a year-end rally successful equities are increasing aft dip buyers precocious past week helped US stocks rebound from a descent that was driven by doubts implicit AI exuberance and the scope for Federal Reserve easing. The S&P 500 Index (^GSPC) added 0.9% connected Friday for a 2nd consecutive gain, erasing the week’s nonaccomplishment arsenic volumes spiked during a quarterly options and futures expiry.

“Markets are riding a risk-on liquidity question into year-end arsenic resilient US maturation underpins net adjacent year, portion a little Fed money complaint eases fiscal conditions,” said Desmond Tjiang, main concern serviceman for equities and multi-asset concern astatine BEA Union Investment. “Fears of AI capex and returns besides recede connected improving compute economics.”

Precious metals rallied, with their haven entreaty boosted by geopolitical tensions and expectations of much Fed complaint cuts. Looser monetary argumentation typically is simply a tailwind for golden and silver, which don’t wage interest.

Spot golden (GC=F) strengthened much than 1.5% to surpass the erstwhile grounds of $4,381 an ounce acceptable successful October. Silver besides climbed to a grounds and platinum precocious for an eighth consecutive session.

Brent (BZ=F) climbed supra $61 a tube with US forces boarding 1 tanker and pursuing different 1 adjacent Venezuela wrong weeks of archetypal capturing a vessel. Washington has been stepping up unit connected Venezuela’s government, with Trump aiming to choke disconnected its cardinal gross stream.