Tech stocks gain on Anthropic IPO optimism, offsetting high oil and yields
SPY•European tech stocks rose and Nasdaq futures edged higher as optimism about Anthropic’s planned IPO outweighed concerns over high oil prices and bond yields. Anthropic’s IPO could reportedly value the company at more than $2 trillion, while the STOXX 600 tech sector rose 2.5%.
1. Tech stocks advance
The STOXX 600 tech sector rose 2.5% to a six-week high, while Nasdaq futures edged up 0.3%. Micron and Advanced Micro Devices gained about 1% in premarket trading. Anthropic reportedly may be valued at more than $2 trillion in its planned IPO and is planning to spend $518 billion on cloud, computing and infrastructure.
2. Yields remain elevated
French 10-year bond yields were near 4.74%, close to 2008 highs, while US 10-year yields hovered near 5.21%, close to 19-year highs. The article said both were on track for their biggest monthly rises in years. Elevated oil prices, bond yields and debt issuance weighed on investor sentiment.
3. Other market moves
The dollar index was poised for its first monthly gain since June, while Brent crude fell 0.9% to $104.30 a barrel. Australia’s central bank raised rates to a 15-year high, as expected. Gold was last at $4,150.59 an ounce, and bitcoin rose 0.9% to $84,274.02.
