As of today, the S&P 500 Index is up 0.64%, the Dow Jones Industrial Average has risen 0.47%, and the Nasdaq 100 Index increased by 1.58%. The gains are attributed to a rebound in chipmakers and AI-infrastructure stocks, spurred by favorable valuation changes and upcoming earnings results from major tech companies like Alphabet and Tesla later this week.
WTI crude oil prices climbed over 2% to reach a 5-week high amid escalating US-Iran tensions. The US military targeted Iranian military locations while Iran retaliated against US sites in Kuwait and Jordan. Meanwhile, Lebanon’s Houthi rebels announced plans for a maritime blockade on Saudi Arabia in response to ongoing conflicts.
Market forecasts suggest a potential 23% increase in Q2 earnings, primarily driven by AI spending expected to contribute to 60% of earnings-per-share growth for the S&P 500. Additionally, the 10-year Treasury yield rose to a 2-month high of 4.64%, influenced by rising crude oil prices and inflation expectations.
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