Chips carry stocks higher; oil jumps on stalled peace talks
Oil prices rose around 2 percent to a three-week high of $107.97 a barrel due to stalled US-Iran peace talks, while chip stocks gained on renewed excitement about artificial intelligence spending. S&P 500 futures saw small gains as markets focused on war, central banks, and tech earnings.
Oil prices surged 2 percent to $107.97 a barrel in Asia trade due to stalled US-Iran peace talks, disrupting Middle East energy exports. The average LNG price for June delivery into northeast Asia was $16.70 per million British thermal units, 61 percent above pre-war levels. Goldman Sachs analysts raised year-end oil price forecasts from $80 to $90 a barrel. Meanwhile, chip stocks rose on renewed AI optimism, with Intel's revenue forecast above Wall Street expectations. US tech earnings are due this week, with Microsoft, Alphabet, Amazon, and Meta Platforms reporting. Major central banks are expected to stay on hold, with the Bank of Japan and Federal Reserve keeping rates steady.
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