After three consecutive sessions in the red, US equity futures finally pointed to a recovery. Global markets opened in a distinctly buoyant mood on Thursday morning, and the biggest reason was Brent crude oil prices sliding all the way back to their pre-conflict levels. With energy prices easing, investor nerves settled and stocks found room to climb.
AI optimism reignites
The retreat in oil reignited hopes around AI-fuelled growth and helped push back against fears that the market was sitting inside some kind of bubble. In that mood, Micron shares surged nearly 16% in after-hours trading, while futures on the NASDAQ 100 jumped +1.77% overnight. That tech strength lifted US equities more broadly, with S&P 500 futures up +0.53%, finally signalling a turnaround after three losing sessions for the index.
Asia rides the wave
The positivity was clearly visible across Asian markets overnight. Japan's Nikkei soared +4.10% and South Korea's KOSPI jumped +5.73%, while China's CSI 300 added a solid +1.61%. The one exception to the rally was Hong Kong's Hang Seng, which slipped -1.38% and looked headed for a one-year low.
Beneath the surface on Wall Street
This backdrop helped equities steady themselves after the losses on Monday and Tuesday. The S&P 500 ended only marginally lower at -0.10%. Meanwhile the Magnificent Seven (Mag 7) dropped a further -0.82%, sinking deeper into correction territory after falling -11.6% from its May 28 peak. The S&P 500's energy sector also struggled, down -1.73% amid the slide in oil prices. Yet the broader picture stayed positive: almost two-thirds of S&P constituents closed higher on the day, leaving the equal-weighted S&P 500 up +0.71%. Over in Europe, the STOXX 600 managed a marginal gain of +0.08% as well.
