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Equities and US futures rose today after yesterday's strong tech results eased part of the AI-related anxiety that followed last week's painful sell-off. South Korea's Kospi gained 2.6%, Taiwan's Taiex rose by 0.9%, and the broader MSCI Asia Pacific index added 0.9%, snapping a two-day slide. Nasdaq 100 futures climbed by 0.7% after mixed action on Wall Street on Tuesday, and European shares looked set to open higher.
The catalyst was earnings that beat expectations. Results from SpaceX and Super Micro Computer topped forecasts — SpaceX shares jumped by 8.1% in extended trading, while Super Micro surged by 16%. Among AI infrastructure names, South Korea's Elice rallied sharply, up about 30% after one of the country's weakest IPO debuts.
Keep in mind that the rebound follows a rough patch. Last week, the Nasdaq 100 lost 5.5% — its worst week since April 2025 when global-tariff headlines hit — so the current bounce looks more like a reaction to oversold conditions and positive earnings than a wholesale restoration of confidence.
Ahead is a busy earnings calendar. Meta Platforms and Tesla report today, and their results will be critical tests of whether booming business activity is justifying the multibillion-dollar investments in compute. The strength of their reports and forward guidance will determine whether the bounce becomes a sustainable rally or remains a short-covering episode.
Commodities are keeping traders on edge. Oil fell yesterday but rebounded today as attacks on vessels around the Strait of Hormuz threaten supplies, and US sector data showed another sizable inventory draw. Brent rose back above $110/bbl. Gold held most of yesterday's losses and traded near $4,115/oz, down just over 1% on the week.
The bond market was calmer. Treasuries gave back some of yesterday's gains, with the 10-year yield ticking up about 1 bp to 5.12%. The dollar strengthened modestly versus most G10 peers.
Taken together, markets are willing to buy tech on good news, but AI anxiety and expensive oil cap upside. In my view, Meta and Tesla's reports will likely decide the near-term path. Strong results should extend the bounce. Disappointment would re-ignite pressure, particularly with Brent above $110 and yields around 5.1%.
As for S&P 500 technicals, the immediate task for buyers is to overcome the resistance level of $7,737. That would signal upside momentum and open a move toward $7,756. Holding $7,781 would further strengthen bulls' positions. If the price falls amid weakening risk appetite, buyers must defend near $7,718. A break below that level would likely push the index down to $7,698 and open the way to $7,679.
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