Global Markets Mixed Amid Uncertainties and Economic Data

The S&P 500 is nearing a new high despite ongoing uncertainties, including trade tensions and geopolitical instability. The index is less than 1% away from its February record high of 6,144.15. Nvidia's stock surged 4.3% to a new high, driven by optimism around artificial intelligence. However, risks remain, including Trump's threat to Spain over a trade deal and the fragile ceasefire between Israel and Iran. Meanwhile, Asian markets mostly fell, and China urged more support for its Belt and Road Initiative.

Asia-Pacific markets traded mixed on Thursday as investors weighed the ongoing ceasefire between Israel and Iran. Japan's Nikkei 225 rose 1.6%, while South Korea's Kospi fell 1.07%. Hong Kong's Hang Seng index declined 0.8%, and Australia's S&P/ASX 200 slipped 0.1%. US futures were relatively unchanged, and Federal Reserve Chair Jerome Powell maintained a cautious stance on inflation and tariffs, indicating rate cuts could be considered if the effects prove temporary. Asian currencies strengthened against the US dollar, with the Taiwanese dollar appreciating 0.8%. Citi lifted its China GDP forecast to 5%, in line with Beijing's official target. Asian chip stocks climbed after Nvidia shares rose to a record high, with Advantest and SoftBank shares rising 3.19% and 3.42%, respectively.

Stock futures rose early Thursday, with S&P 500 futures up 0.12%, Nasdaq 100 futures up 0.17%, and Dow Jones Industrial Average futures up 38 points. The gains come as the S&P 500 remains near its all-time high, despite some Wall Street skeptics questioning the sustainability of the market's recent momentum due to macro factors such as the Israel-Iran conflict and President Trump's tariffs. Investors are awaiting the release of May's personal consumption expenditures price index reading on Friday, as well as weekly jobless claims data on Thursday. Earnings results from Walgreens and Nike are also expected Thursday.