US 500

The major European indices and US index futures fell by mid-day in London. The pressure was once again exerted by familiar forced. Bond yields rebounded sharply and a renewed surge in oil prices weighed on sentiment.

US index futures were broadly flat by midday London, following a sharp decline in the previous session. That was before the US Treasury announced thar it was increasing buybacks of long-term debt. That announcement has just caused yields to take a dip, while stock futures and gold have rallied.

US equity futures were little changed in the first half of Friday’s session after the S&P 500 closed at another record high in the previous session

A new bullish bias has started to gain relevance in the S&P 500, which is up 2.00% over the last two sessions, mainly supported by corporate earnings that have helped sustain short-term market confidence.

It has not been an easy stretch for the S&P 500. Over the last 5 trading sessions, the index has accumulated a decline of nearly -0.9%, while the broader outlook continues to show a phase of neutrality and indecision.

Things have become noticeably more complicated after the latest escalation between the US and Iran reignited concerns over global energy supplies. While the initial market reaction was relatively contained in US equities and foreign exchange, the sharp rise in crude oil cannot be ignored – and hasn’t been ignored by European investors.

The trading session has not shown a clear recovery in SPX price action. At the moment, the index is posting slight moves of around 0.1%, with no defined direction, despite the release of employment data in the United States.

Following the sharp post-Federal Reserve sell-off, global equity markets staged a recovery overnight. US futures moved higher alongside stronger European indices, before coming off their highs. Continued dollar strength maintained pressure on precious metals and several major currencies.

Semiconductor stocks have suffered one of their sharpest sell-offs in recent years, with investors questioning whether AI enthusiasm has pushed valuations too far, too fast.

US equity futures and European markets moved higher in the first half of Tuesday, extending a rebound in technology shares while easing oil prices offered additional support to investor sentiment.

Investors are also expecting further rate cuts from major central banks, even if there was a bit of hawkish repricing of US interest rates following Powell’s comments at the FOMC presser last week. Still, easing of monetary policy is driving stocks higher, while the recent extension of a trade truce between the US and China means appetite for AI-related stocks remains strong, with earnings also largely being positive this reporting season.

The S&P 500 has been bolstered by a bullish run that began in April. It’s been a steady climb, with several tailwinds lifting sentiment along the way — from Trump’s decision to delay reciprocal tariffs deadline, a welcome calming of tensions in the Middle East, to the US approving the “big, beautiful bill” of tax and spending policies that form the core of Trump's second-term agenda.