Asia open: US stock futures dipped on conflicting US-Iran news after S&P 500 scaled a historic high
Global stock markets reached new record highs as investors embraced AI-driven growth and improving U.S.-Iran diplomatic prospects. Strong U.S. manufacturing data reinforced confidence in the AI infrastructure boom, while major technology firms such as Nvidia, Dell, and Oracle led gains. However, beneath the surface, consumer savings have fallen to near post-financial-crisis lows and market leadership remains heavily concentrated in a handful of AI-related stocks, raising concerns over long-term
Chart alert: WTI crude is entrenched in a minor downtrend below 20-day and 50-day moving averages
WTI crude oil prices remain under pressure after a sharp May selloff driven by improving US-Iran ceasefire negotiations and easing geopolitical tensions around the Strait of Hormuz. WTI has turned into the worst-performing major asset class in May 2026, with technical indicators pointing to continued near-term weakness. Price action remains trapped below the 20-day and 50-day moving averages within a descending channel, exposing further downside risks toward key support levels.
