By Lars Mucklejohn
The latest updates on the FTSE 100 and London’s financial markets from City A.M.’s newsroom in the heart of the City of London.
The S&P 500 and Nasdaq closed at record highs for the fourth consecutive session, boosted by strong performances from technology stocks.
The Dow Jones Industrial Average saw a slight decline, settling at 38,647.1, while the S&P 500 rose to 5,433.74 and the Nasdaq Composite reached 17,667.56, reflecting varied movements across major indices.
Technology stocks within the S&P 500 surged, particularly semiconductor companies, which set new record highs for their sector.
Broadcom surged 12.3 per cent on higher revenue forecasts for AI semiconductors and a stock split. Nvidia rose 3.5 per cent, Apple edged up 0.5 per cent, and Adobe soared over 14 per cent after upgrading its sales and profit outlooks in after-hours trading.
In Asia, markets were subdued, with both Hong Kong and mainland Chinese indices dropping 0.5 per cent. EUROSTOXX 50 futures edged up 0.08 per cent.
While the FTSE 100 closed 0.6 per cent lower after a strong previous session, futures indicated a positive start on Friday, rising by 0.24 per cent to 8184.0.
In commodities, oil prices saw a decline on Friday despite expectations of robust crude and fuel demand. Brent crude fell 0.41 per cent to $82.41 per barrel, and West Texas Intermediate (WTI) dropped 0.52 per cent to $78.21 per barrel. Spot gold remained unchanged at $2,303.43 per ounce.
The Bank of Japan (BoJ) kept interest rates at 0-0.1 per cent range, as expected. They also plan to discuss reducing bond purchases over the next 1-2 years at the next policy meeting.
Chinese firms seek anti-dumping probe on EU pork after EU imposes tariffs on Chinese electric vehicles, aiming to protect its auto industry and potentially straining global trade ties.
Donald Trump promised tax cuts, fewer regulations, and higher tariffs to CEOs in Washington. He spoke after being convicted in a New York trial and met with Republicans in Congress.
As the week wraps up, all eyes will be on the US. The University of Michigan will release its preliminary consumer confidence survey for June, focusing on the inflation expectations subindices.
Earlier, the Department of Labor will publish May’s import price data.
Throughout the day, several European Central Bank and Federal Reserve officials will be speaking. In the UK, the Bank of England will release its Inflation Attitudes survey.
