Tech Gains Lift S&P 500 Futures; Gold Sinks on 0.3% US CPI Rise
Asian stocks rose 1.2% and US S&P 500 futures advanced 0.4% driven by tech sector optimism, while gold dipped 0.8% as April US CPI rose 0.3% boosting Fed rate-hike odds. Separately, Malaysia chip IPO hit 13-year deal high and New York’s mayor urged blocking Western Union’s $500M Intermex purchase.
1. Asian Stocks and S&P Futures Rally
Asian equities jumped 1.2% as major technology companies reported stronger-than-expected earnings, fueling optimism across regional markets. US S&P 500 futures climbed 0.4% ahead of Wall Street’s open, reflecting investor confidence in the tech sector’s momentum.
2. Gold Declines on Higher Inflation Data
Gold prices fell 0.8% to around $1,950 per ounce after April’s US consumer price index showed a 0.3% month-over-month increase. The data heightened expectations of further Federal Reserve rate hikes, reducing demand for non-yielding metals.
3. Malaysia Chip IPO Sparks Deal Surge
Malaysia’s largest chipmaker priced its IPO at 2.10 ringgit per share, driving regional deal values to a 13-year high. Investors showed renewed appetite for semiconductor listings amid growing AI technology adoption.
4. New York Mayor Challenges Western Union Deal
New York’s mayor filed a letter with state regulators urging the block of Western Union’s $500 million acquisition of Intermex. He warned the merger could lead to higher remittance fees and poorer service for immigrant communities.