• Asian stocks were poised to follow Wall Street higher after the S&P 500 Index hit another record Thursday, as traders looked past mixed US economic data.
• Australian equities opened up almost 1% while futures pointed to gains in Japan and Hong Kong. The S&P 500 rose to around 5,030 – despite losses in its most-influential group: technology. Banks and energy companies rallied, while Tesla Inc. climbed over 6%.
• In late hours, Applied Materials Inc. gave a bullish revenue forecast. Treasury 10-year yields retreated three basis points to 4.23%, with Fed swaps fully pricing in a rate cut in June. Contracts for US equities advances in early Asian trading.
• Despite the broad gains in the US, the mood on Wall Street remained slightly cautious ahead of an inflation reading that will help define the Federal Reserve’s next steps in its bid to start pivoting to monetary easing.