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U.S. stock markets closed Thursday on a strong note, with both the S&P 500 and Nasdaq edging closer to their all-time closing highs. A continued lull in tensions between Israel and Iran, along with fresh economic indicators, has raised hopes that the Federal Reserve might ease borrowing costs later this year.
The day saw widespread gains across the three major U.S. stock indexes, placing them firmly on track for a positive weekly performance. The S&P 500 and Nasdaq were especially buoyant, coming within striking distance of their previous record closes as the trading session drew to an end.
Financial stocks were among the top performers, after the Federal Reserve proposed relaxing leverage requirements for large banks. The move would allow these institutions to hold less capital against lower-risk assets, freeing up additional resources. The S&P 500 bank index climbed by 1.6 percent in response.
Thomas Barkin, President of the Richmond Federal Reserve, emphasized the need to maintain flexibility given the prevailing economic uncertainties. However, he also noted that tariffs are unlikely to drive inflation as significantly as some fear.
According to CME's FedWatch tool, markets are currently pricing in a roughly 21 percent chance of a rate cut in July. More notably, there's now over a 75 percent likelihood that the Fed will implement its first rate reduction of the year in September.
U.S. stocks closed with strong gains on Thursday, as investors responded to favorable earnings expectations and a rally in commodity prices. Technology, communication services, and raw materials led the charge, while real estate lagged behind.
Out of the eleven main sectors in the S&P 500, communication services posted the highest percentage gain. Conversely, real estate stocks saw the weakest performance, struggling to keep pace with the broader market.
Chipmaker Micron delivered a stronger-than-expected revenue outlook for the upcoming quarter. However, this bullish forecast failed to lift its shares, which fell by 1 percent by the close of trading.
Copper prices surged to a three-month high, igniting a rally in mining stocks. Freeport-McMoRan rose 6.8 percent, while Southern Copper gained 7.8 percent — a sign of renewed appetite for commodity-driven investments.
European markets started Friday's session on an upbeat note, led by automakers benefiting from signs of easing trade friction between the United States and China. The STOXX 600 index gained 0.9 percent to reach 542.27 by 08:25 GMT, setting the stage for what could be its first weekly advance in three weeks. Other major regional indexes were also trading higher.
Washington and Beijing have reached a new agreement aimed at accelerating the delivery of rare earth materials to the United States. The move is seen as a strategic effort to secure critical resources and reinforce supply chain resilience.
As tensions in the Middle East begin to subside, investors are turning their attention to signs of progress in trade negotiations. With a deadline looming in early July that could trigger new US tariffs, markets are on alert for any signals of compromise or diplomatic breakthrough.
During a summit in Brussels on Thursday, European Union leaders reviewed Washington's latest trade proposals. European Commission President Ursula von der Leyen warned that a breakdown in discussions remains possible, stating that all options remain under consideration.
European carmakers led sector gains with a 1.8 percent rise, followed closely by media companies, which advanced 1.6 percent. The rally reflects renewed investor confidence in consumer-oriented industries.
Shares of JD Sports in the UK jumped 7.6 percent, while Germany's Puma and Adidas gained 4.1 and 3.9 percent respectively. The surge came after US-based Nike released a quarterly revenue outlook that exceeded market expectations, boosting sentiment across the sector.
Indra, a Spanish defense technology group, rose 4.8 percent after Morgan Stanley upgraded its rating from equal weight to overweight, signaling growing confidence in the company's near-term performance.
Shares in German truck parts manufacturer Knorr Bremse fell 4.7 percent following downgrades from both JP Morgan and Citi. The investment banks revised their recommendations downward, citing weaker outlooks for the sector.
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