Markets Pause as U.S.-Iran Talks Stall, Jobs Data Awaited
Markets paused as U.S.-Iran diplomatic talks stalled and April U.S. nonfarm payrolls neared, despite record tech revenues and oil briefly topping $100 a barrel.
Global markets paused Friday as stalled U.S.-Iran diplomatic talks and the approaching April U.S. nonfarm payrolls report halted further gains. The pause came after major U.S. indexes reached intraday all-time highs earlier in the week but showed signs of easing as traders awaited fresh economic data and any concrete developments in diplomacy.
Several large technology companies reported record revenues this week, including Amazon, Apple, Meta, Microsoft and Google. Those results supported equity prices, while investors also monitored the pace of corporate spending on artificial intelligence and the level of valuations in the sector.
Officials from the Bank of England, Bank of Canada, Bank of Japan, Federal Reserve and European Central Bank all issued guidance or decisions during the week. None signaled aggressive near-term rate hikes. Comments at the Federal Reserve chair’s final press conference pushed the U.S. dollar lower, which was followed by gains in other developed-market currencies and in some precious metals.
Energy prices rose during the week. West Texas Intermediate crude briefly moved above $100 per barrel, renewing concerns about near-term inflation. Despite a roughly 5% weekly rise in oil, U.S. equities posted modest gains. Gold eased while silver was largely unchanged.
Traders identified the April U.S. nonfarm payrolls report as a key upcoming influence on markets. Other near-term dates include the ADP private payrolls release, Canada’s employment figures, the ISM services PMI and a speech by New York Fed President John Williams on Monday. In the Asia-Pacific region, the Reserve Bank of Australia meeting, New Zealand employment data and the Bank of Japan minutes are scheduled. European releases this week include Swiss inflation, euro-area producer prices and PMI readings, and remarks from ECB President Christine Lagarde.
Markets continued to track both economic reports and diplomatic updates for clearer direction on risk appetite and policy expectations.
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