05/08/2026 Daily Reports
- Asian equities rallied sharply as optimism from Wall Street’s record highs spread across regional markets.
- Japan’s Nikkei surged 3.0%, while South Korea’s Kospi advanced 4.1%, extending recent market volatility.
- Technology stocks continued to lead global markets, supported by strong corporate earnings.
- AMD declined 8.8% in after-hours trading as earnings beat expectations but failed to meet elevated AI-driven investor expectations.
- SpaceX fell 7.5% after the close as investors focused on rising capital expenditures and future funding requirements.
- AI remains a dominant investment theme, although increasing compute costs and higher financing expenses continue to pressure sector valuations.
- Nasdaq futures traded little changed, while S&P 500 futures gained 0.3% following Tuesday’s record close.
- Oil prices extended their decline as optimism grew over progress toward reopening the Strait of Hormuz.
- Brent crude fell to $78.27 per barrel, well below July’s peak above $102, while WTI declined to $74.50.
- Shipping data indicates that oil flows through the Strait of Hormuz have recovered to approximately 40–45% of pre-war levels, easing supply concerns.
- Lower oil prices helped push the U.S. 10-year Treasury yield down to 4.60% from last week’s high of 4.75%.
- Markets reduced the probability of a September Federal Reserve rate hike from 67% to 57%.
- EUR/USD remained steady near 1.1540, while USD/JPY traded around 157.4, with intervention risks still attracting market attention.
- Markets interpreted comments from U.S. Treasury Secretary Scott Bessent as supportive of additional Bank of Japan rate hikes.
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Global markets remain focused on geopolitical developments and upcoming U.S. economic data. Expectations of easing tensions in the Middle East have pushed oil prices lower, while a weaker U.S. dollar has supported gold prices. Investors are closely watching U.S. labor market data for further clues on the Federal Reserve’s interest rate outlook. Meanwhile, corporate earnings and key macroeconomic releases continue to drive sentiment across global equity markets.
