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Stocks edge higher as oil rebounds and yen holds gains
Brent futures rose 1.4% to $84.95 a barrel after a 7% drop to a three-week low, while traders awaited the first round of U.S. jobs data later Tuesday.
European equities climbed in tandem with U.S. futures on Tuesday, supported by a rebound in risk appetite even as a jump in oil prices pointed to lingering skepticism that a U.S.-Iran dispute would be resolved quickly through diplomacy, according to Reuters.
Oil volatility reflected concerns after an attack on shipping in the Strait of Hormuz, with Brent futures up 1.4% to $84.95 a barrel following a 7% slide in the prior session to a three-week low. In currency markets, the yen eased slightly but held most of its intervention-driven gains after last week’s coordinated action by Tokyo and Washington to support the currency.
U.S. equity futures were modestly higher, with Nasdaq futures up 0.67% and S&P 500 futures up 0.22%, after the S&P 500 rose 1.48% on Monday to 7,610.04, nearing its all-time high of 7,620.90. The report also noted the Dow Industrials reached a closing record high.
Reactions were shaped by expectations around the Federal Reserve and upcoming data, with Reuters citing Jefferies economist Mohit Kumar arguing investors were adding risk to sectors less affected by higher rates, favoring tech and financials. The first round of U.S. jobs data is due later Tuesday, while LSEG data showed 84% of S&P 500 companies had beaten earnings estimates with almost two-thirds reporting.
Latest closeBrent $83.63 ▼7.2%|S&P 500 7,600.50 ▲1.5%|Nasdaq Comp. 25,913.90 ▲2.1%