Tech Stocks and Geopolitics Shape Global Market Momentum

Global markets experienced a mixed outlook on Friday as Asian shares seemed poised for a seventh consecutive month of gains. This trend was driven by positive earnings reports from Amazon and Apple, bolstering Wall Street futures, while the dollar hovered near a three-month high amid uncertainty surrounding Federal Reserve rate cuts.

In the U.S., Nasdaq and S&P 500 futures experienced significant boosts, with Amazon's exceptional earnings propelling its shares by a remarkable 13%, adding over $300 billion to its market value. Apple's stock also climbed 2.3% due to optimistic iPhone sales forecasts, offsetting concerns about AI spending from companies like Meta and Microsoft.

Meanwhile, geopolitical developments influenced market dynamics, as the U.S. and China reached a trade truce. This reduced U.S. tariffs on Chinese imports and resumed U.S. soybean purchases by Beijing as well as continued rare earth exports from China. Oil and gold prices faced declines, impacted by a stronger dollar and rising supply from major producers.