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(Bloomberg) — Global equities advanced to new highs as demand for artificial-intelligence stocks intensified, cementing the sector’s role as the market’s main driver.
MSCI’s All Country World Index rose 0.1% to a record, with gauges in Asia and the US setting all-time highs. Tokyo Electron Ltd. and Taiwan Semiconductor Manufacturing Co. climbed to new peaks after the Philadelphia Semiconductor Index rallied almost 6% to a record. South Korean markets were shut for a holiday.
The tech sector remained a key focus, with SpaceX seeking $135 a share for a $75 billion initial public offering, according to Reuters. Futures contracts for the S&P 500 and the Nasdaq 100 were little changed.
Even so, caution crept in as Brent crude rose above $97 a barrel on pessimism over the prospects of the US and Iran reaching a peace deal and as fresh fighting flared up in the Middle East. The US currency strengthened a touch and the yen hovered near 160 per dollar. European equities were also set for a modest loss at the open.
