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Yesterday, equity indices closed with sharp gains. The S&P 500 rose by 0.81%, while the Nasdaq 100 jumped by 1.03%. The Dow Jones Industrial Average strengthened by 0.73%.
Today, Asian equity markets hit record highs, and oil prices plunged after US President Donald Trump reported progress in talks toward a deal with Iran. Optimism about a potential de-escalation in the Middle East, combined with renewed demand for technology stocks, created strong momentum for global markets.
The MSCI Asia-Pacific index posted an impressive 2.5% gain, reaching a record level. Technology names led the advance amid revived investor appetite for AI investments. South Korea stood out: the KOSPI surged by more than 6% and also reached a record high. Samsung Electronics Co. gained 15%, pushing its market capitalization above $1 trillion for the first time — only the second Asian company to reach that milestone.
Bullish sentiment was further supported by better-than-expected reports from Advanced Micro Devices Inc. and Super Micro Computer Inc. Already today, Nasdaq 100 futures were up about 0.7%, and European stocks were forecast to open roughly 0.8% higher.
Elsewhere, oil moved lower. Brent reacted to White House news with a sharp 1.1% drop, sliding below $109 per barrel. Trump's comments on progress with Iran eased fears of supply disruptions through the strategic Strait of Hormuz. The pullback in oil heightened investor expectations for easing inflationary pressure and stronger economic growth as energy costs fall.
The forex market was volatile. The Japanese yen jumped by more than 1% to about 155.85 per US dollar, driven by a continuation of recent currency interventions by Japanese authorities. Recall that at the end of April, Japan's finance ministry stepped into the market for the first time in 2024 to support the yen, producing an intraday spike of roughly 3%. The psychological level of 155.50 remains a red line.
Nevertheless, trader sentiment is mixed. Paradoxically, market participants are simultaneously increasing bets that the next Fed move could be a hike rather than a cut, a positioning unusual in the context of a softer dollar.
As for the S&P 500 technical picture, the primary task for buyers today is to overcome the nearest resistance level of $7,300. That would help the index gain upside momentum and could pave the way for a thrust to $7,319. Equally a priority for bulls is control above $7,339, which would strengthen buyers' positions. In the event of a downside move amid waning risk appetite, buyers must defend around $7,279. A break below that level would likely push the instrument back to $7,256 and could open the way to $7,233.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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