Morning Bid: Tech overwhelms Iran tension

By Mike Dolan

April 21 (Reuters) -

What matters successful U.S. and planetary markets today

By Mike Dolan, Editor-at-Large, Finance and Markets

Tech stocks are refusing to spell to crushed this week, contempt ongoing Gulf tensions and the looming expiry of the existent two-week U.S.-Iran ceasefire connected Wednesday.

Although Wall Street indexes ‌edged little connected Monday, futures rebounded overnight and tech-heavy planetary bourses pushed higher, particularly successful Asia.

I’ll get into that and much below.

But first, ‌check retired my latest file connected whether Europe's savings rates could assistance it upwind the lipid daze - and wherefore the reply isn’t truthful simple.

And perceive to the latest occurrence of the Morning Bid regular ​podcast. Subscribe to perceive Reuters journalists sermon the biggest quality successful markets and concern 7 days a week.

Finally, don't hide to people April 23 successful your calendar, erstwhile I'll beryllium joining my ROI workfellow Jamie McGeever for a timely webinar treatment connected rethinking safe-haven assets successful uncertain times. Sign up here.

TECH OVERWHELMS IRAN TENSION

Wall Street’s intermission connected Monday came arsenic investors fretted astir the durability of the ceasefire and uncertain prospects for further bid talks, which a Pakistani root said could recommence connected Wednesday. Tehran is inactive ‌reviewing its information successful the imaginable talks.

Despite Monday’s lull, ⁠sentiment improved connected Tuesday arsenic Asian stocks mostly roseate amid renewed AI enthusiasm and reports that Iran was considering joining talks.

South Korea’s volatile Kospi pushed to a caller precocious for the archetypal clip since the Iran warfare began, with tech-led gains besides lifting ⁠markets successful Tokyo and Taiwan. Tech capitalist SoftBank surged and representation chipmaker SK Hynix deed a caller all-time high.

Sentiment was besides boosted by Amazon’s announcement connected Monday that it plans to put up to $25 cardinal successful AI startup Anthropic. That follows its $50 cardinal concern successful OpenAI earlier this year.

Those deals volition acceptable the code arsenic U.S. tech net get underway ​this ​week, with Tesla reporting net connected Wednesday. Meantime, Elon Musk's SpaceX is holding closed-door expert ​briefings this week up of a record-breaking IPO aboriginal successful the ‌year.

Apple’s shares, meanwhile, mostly shrugged disconnected the announcement that hardware main John Ternus would win Tim Cook arsenic CEO from September. Cook is acceptable to stay connected the committee arsenic enforcement president aft 15 years astatine the helm.

On the macro front, Fed Chair nominee Kevin Warsh volition look Congress contiguous for his confirmation hearing, with his prepared remarks suggesting he’ll emphasise a committedness to Fed independence. U.S. retail income for March volition predominate the information slate, offering a glimpse into however consumers absorbed the archetypal period of the Iran warfare and lipid shock.