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August 26, 2026 - 06:49
6 minutes
(Bloomberg) — Stocks rose as Asian semiconductor makers advanced ahead of Nvidia Corp.’s results, with traders looking to the chip bellwether’s earnings for the next beat in the artificial intelligence trade. Oil extended its decline.MSCI’s Asia Pacific equities gauge climbed 1%, with Samsung Electronics Co. and SK Hynix Inc. the biggest contributors. Chip stocks had also advanced on Wall Street, with Nvidia snapping a seven-day run of losses before its earnings Wednesday. As sentiment improved, US equity-index futures pared earlier losses to trade little changed. European shares were set for modest gains.Adding to the mood was Brent, dropping for a third consecutive day as Iran and Oman discussed an “interim framework” aimed at resuming shipping through the Strait of Hormuz. The commodity fell 2.6% to around $86.30 a barrel, extending this week’s decline to 8.6%.Oil’s drop eased inflation concerns, helping bonds rally. Treasuries held their gains from Tuesday, when the benchmark 10-year yield fell seven basis points. Government bonds in Japan and New Zealand also advanced, while those in Australia erased earlier gains and fell after an inflation report boosted bets on an interest-rate hike.Three key events are set to shape trading this week — Nvidia’s earnings will offer clues on whether the AI rally can regain momentum, while the US PCE gauge later Wednesday will provide signs of whether inflation remains persistent. Attention will then turn to Federal Reserve Chair Kevin Warsh’s Jackson Hole speech on Friday for signals on the path of interest rates.“Although the mountain of event risk is casting a slight shadow over the markets, the easing of geopolitical risks and subsequently lower oil price has been enough to offset the trepidation,” Kyle Rodda, a senior analyst at Capital.com, wrote in a note.In other corners of the market, the Canadian dollar was weaker after Canadian Prime Minister Mark Carney matched new tariffs imposed by President Donald Trump and announced support for businesses hurt by the escalating trade dispute with the country’s largest trading partner.The US is weighing more trade measures against Canada over the retaliation.Gold fell 0.4% to $4,640 an ounce, while Bitcoin edged higher to trade around $79,000.In Asia, Samsung and SK Hynix both rose nearly 3%, helping the Kospi Index — the world’s second-best-performing major gauge this year — rally almost 2%.The gains followed recent pressure on the AI trade as investors questioned whether the billions of dollars being spent on the technology would generate commensurate returns.Analysts estimate Nvidia’s revenue nearly doubled from a year earlier to $92 billion last quarter, more than any of its rivals generate in a full year.“Nvidia is operating on all cylinders and they’re doing absolutely everything correctly at this point,” said Mark Malek at Siebert Financial. “We’re anticipating good news here, but so is everybody.”Meanwhile, data Tuesday showed US consumer confidence fell to a seven-month low in August as the outlook for business conditions and the labor market deteriorated. On Wednesday, investors will turn to the personal consumption expenditures price index — the Fed’s preferred inflation gauge — for another read on the economy.Attention will then shift to the annual Jackson Hole Symposium on Friday, where Warsh will deliver his first major speech as Fed chair. Investors will look for greater clarity on his assessment of the economy and the path for monetary policy.“It feels like the market is in a holding pattern ahead of a few major results and whatever Kevin Warsh says at Jackson Hole later this week,” said Kieran Calder, head of Asia equity research at Union Bancaire Privee.Corporate Highlights:OpenAI said its new Jalapeno chips performed better than Nvidia’s current lineup during testing, underscoring progress developing AI processors in-house. SpaceX plans to build a new $100 billion launch site for its Starship rocket on the southern coast of Louisiana, allowing the company to expand operations of the behemoth vehicle that’s critical to its future. Apple Inc. announced upgraded Mac mini and Mac Studio desktop computers, giving the in-demand machines major processor upgrades. Meta Platforms Inc. and state attorneys general have discussed a possible mid-trial settlement of a blockbuster case accusing the company of deliberately designing Facebook and Instagram to addict teens, according to people familiar with the matter Some of the main moves in markets:StocksS&P 500 futures were little changed as of 5:44 a.m. London time Nasdaq 100 futures were little changed The MSCI Asia Pacific Index rose 1% The MSCI Emerging Markets Index rose 1.1% S&P 500 futures were little changed Japan’s Topix rose 0.5% Australia’s S&P/ASX 200 fell 0.2% Hong Kong’s Hang Seng rose 0.7% The Shanghai Composite rose 0.7% Euro Stoxx 50 futures rose 0.2% CurrenciesThe Bloomberg Dollar Spot Index was little changed The euro fell 0.1% to $1.1662 The Japanese yen rose 0.1% to 159.00 per dollar The offshore yuan was little changed at 6.7208 per dollar The British pound fell 0.1% to $1.3634 The Australian dollar rose 0.2% to $0.7177 CryptocurrenciesBitcoin rose 1% to $78,972.07 Ether rose 1.2% to $2,464.63 BondsThe yield on 10-year Treasuries advanced one basis point to 4.64% Japan’s 10-year yield declined 1.5 basis points to 2.875% Australia’s 10-year yield was little changed at 5.03% CommoditiesSpot gold fell 0.3% to $4,641.01 an ounce West Texas Intermediate crude fell 2.5% to $80.27 a barrel Spot gold fell 0.3% to $4,641 an ounce This story was produced with the assistance of Bloomberg Automation.–With assistance from Faseeh Mangi.©2026 Bloomberg L.P.
