US equity futures signaled further gains as strong megacap tech earnings propelled Wall Street to record highs. The yen weakened slightly after Japan's intervention to support the currency. Despite Middle East tensions and oil price surges, US stocks saw their best April since 2020, driven by AI and tech resurgence.

Global Market Today: S&P 500 index futures rise on earnings, Yen gains

Synopsis

US equity futures signaled further gains as strong megacap tech earnings propelled Wall Street to record highs. The yen weakened slightly after Japan's intervention to support the currency. Despite Middle East tensions and oil price surges, US stocks saw their best April since 2020, driven by AI and tech resurgence.

US equity-index futures rose, 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 likely intervention.

Contracts for the S&P 500 Index rose 0.2% and those for the tech-heavy Nasdaq 100 climbed 0.1% after the underlying gauges closed at all-time highs on Thursday, following solid earnings from tech megacaps. Apple Inc. shares advanced in extended trading after delivering a strong revenue forecast. The Nikkei stock index in Japan edged up, with several markets in Asia shut for a holiday.

S&P 500 Top Gainers

Quanta Services727.77(15.78%)

Qualcomm179.58(15.12%)

Teradyne343.47(12.12%)

Skyworks Solutions70.17(11.99%)

S&P 500 Top Losers

Willis Towers Watson256.20(-11.69%)

International Paper30.42(-9.41%)

Meta Platforms611.91(-8.55%)

Hubbell508.17(-6.92%)

Meanwhile, the yen was slightly weaker at around 157.14 per dollar after rising as high as 155.57 on Thursday. The strengthening came as Japan intervened in the foreign-exchange market hours after officials delivered a “final” warning to investors against selling the currency.

The Finance Ministry in Tokyo didn’t respond to requests for comment. However, Japan’s Nikkei newspaper, citing a government official, reported that the government bought yen and sold dollars. Several traders and strategists also said the abruptness of the move indicated action.

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 still 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.

Live Events

“As long as the economy continues to grow and companies are able to grow earnings, we can see higher stock prices even in the face of higher energy prices and inflation,” said Chris Zaccarelli at Northlight Asset Management.

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.

“Investors will be watching how the Federal Reserve navigates this backdrop, with a likely more dovish chair entering what appears to be its most divided committee in decades,” said Bret Kenwell at eToro.

(You can now subscribe to our ETMarkets WhatsApp channel)

(What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2025, Share Market on Budget 2025 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

Subscribe to ET Prime and read the Economic Times ePaper Online.and Sensex Today.

Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

...moreless

(You can now subscribe to our ETMarkets WhatsApp channel)

Subscribe to ET Prime and read the Economic Times ePaper Online.and Sensex Today.

Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

...moreless

Locker to exchange: How India can become a global gold hub

Amid FII flight and BoP strain, India bets on ‘patient capital’

First-time buyers, entry cars: The missing links in India’s auto boom

INR35k-cr windfall: What Hormuz crisis, rising crude mean for ONGC, OIL

Is private sector corruption free? Here's the reality...