Lower oil prices and easing inflation expectations lift equities, with the S&P 500 and European indices hitting record highs.
Global equities extended a broad-based rally as softer inflation data and resilient economic indicators fueled risk appetite. The S&P 500 climbed 1.79% to an all-time high, its first in two months, while the Nasdaq rose 2.59%, led by tech outperformance. The Philadelphia Semiconductor Index surged 6.55%, marking its strongest daily gain since March and a 16.58% rise over four days, the largest since 2020.
European markets also reached new peaks, with the Stoxx 600, DAX, CAC, and FTSE MIB all setting records. The FTSE 100 trailed slightly, just 0.3% below its historic high. Investors cited lower oil prices and reduced inflation concerns as key drivers, alongside strong household spending data in Australia and renewed confidence in AI capital expenditure.
Asian markets followed suit, with the KOSPI and Nikkei leading gains at 4.32% and 3.32%, respectively. Mainland Chinese stocks advanced, with the Shanghai Composite up 1.34%, outpacing the CSI 300’s 0.99% rise.