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June 3, 2026 - 00:08
4 minutes
(Bloomberg) — Asian stocks were set to track Wall Street higher as renewed enthusiasm for the artificial-intelligence trade drove the S&P 500 to a ninth day of gains. Oil steadied as conflicting signals clouded the outlook for a US-Iran deal.Equity futures pointed to higher opens in Sydney and Tokyo, while contracts for Hong Kong edged lower. The S&P 500 notched its longest winning streak since May 2025 on Tuesday, as a gauge of chipmakers surged nearly 6%. US oil was little changed early Wednesday after rising more than 7% in the prior two sessions, as reports from Iranian news agencies cast doubt on progress in talks with Washington.“Tech continues to dominate the market,” said veteran strategist Louis Navellier. “The trend remains positive, with the catalyst for further material gains possible with a resolution with Iran.”President Donald Trump is still optimistic the US can reach an interim peace deal soon. He disputed reports in Iranian state media that said talks with Washington had been suspended over the fighting in Lebanon, saying the two sides have been “continuously” having conversations, including “today.”Officials in Tehran are discussing their “final text” to send to the US, Iran’s Mehr news agency reported. The primary focus for the oil market remains the Strait of Hormuz, which handled about one-fifth of global oil and liquefied natural gas flows before the war began — with visible commercial traffic through the waterway remaining limited.Even as businesses navigated rising energy costs sparked by the Iran war, US job openings jumped in April to the highest level in almost two years and layoffs fell, adding to signs the labor market remained resilient.“The jobs market continues to hold its ground,” said Bret Kenwell at eToro. “There’s hope that energy prices will retreat after a geopolitically charged surge in the first quarter, allowing the Fed to stay on hold while inflation eases in the second half of the year. Pair that with rising earnings expectations, and it could help propel stock prices higher.”A boom in stocks is being driven by an appetite for profit that’s outweighing fears about economic disruption and inflation risks, said Goldman Sachs Group Inc. Chief Executive Officer David Solomon.“We are definitely in a moment where there’s more greed than there is fear,” Solomon said in an Economic Club of New York appearance Tuesday. “The capital is available.”In currencies, the yen weakened toward 160 per US dollar on Tuesday as traders awaited Bank of Japan Governor Kazuo Ueda’s planned speech for clues on the outlook for interest rates. A gauge of the dollar was little changed, while Treasuries ended the US session mixed.Elsewhere, US investment-grade bond sales reached $1 trillion sooner than in any year since 2020 as historically low spreads and a spending surge on AI fuel borrowing by blue-chip companies. Meantime, souring Bitcoin sentiment sent the largest digital asset sinking.Some of the main moves in markets:StocksHang Seng futures fell 0.4% as of 7:02 a.m. Tokyo time S&P/ASX 200 futures rose 0.4% Nikkei 225 futures rose 1.1% CurrenciesThe Bloomberg Dollar Spot Index was little changed on Tuesday CryptocurrenciesBitcoin fell 0.3% to $67,271.1 Ether fell 0.6% to $1,892.73 BondsThe yield on 10-year Treasuries declined one basis point to 4.44% CommoditiesSpot gold was little changed West Texas Intermediate crude was little changed This story was produced with the assistance of Bloomberg Automation.©2026 Bloomberg L.P.
