US equities closed Thursday's session on a constructive note, with the S&P 500 gaining +0.6% to 7'564 and the Nasdaq adding +0.9% to 26'917, both printing fresh all-time highs. The breadth was tech-led, with the AI infrastructure theme continuing to provide a tailwind following strong results from cloud and semiconductor names earlier in the week.
European equities ended lower: the STOXX 600 slipped -0.3%, the FTSE 100 fell -0.8% to 10'426, and the Swiss SMI lost -0.9% to 13'505, with energy and defensive names dragging as Brent softened on Iran deal speculation.
Asian markets this morning closed dispersed: the Nikkei surged +2.5% to 66'330, buoyed by yen weakness and tech relief, while the Hang Seng added +0.9% to 25'232, and the Shanghai Composite retreated -0.7% to 4'069 amid domestic demand concerns.
The dominant rates driver over the past 24 hours was April's PCE report, which landed broadly in line with expectations and briefly relieved the long end, though conviction remained limited given still-elevated inflation. The US 10-year Treasury ended near 4.47% and the 2-year around 3.99%.
In commodities, gold rose +0.9% to 4'495, supported by lingering geopolitical uncertainty, while Brent crude slipped -0.6% to 93.71 per barrel as rumors of progress in US-Iran ceasefire negotiations weighed on the energy complex.
