{"text":[[{"start":9.6,"text":"US stocks have roared ahead of their European counterparts in a tech-fuelled rebound from the sell-off sparked by Donald Trump’s Iran war, as robust corporate earnings help Wall Street shrug off a global energy shock."}],[{"start":22.65,"text":"The Nasdaq Composite index climbed 1.6 per cent on Friday to a record high, boosted by chipmaker Intel, whose shares surged past their dotcom-era peak after new revenue forecasts surpassed market estimates. "}],[{"start":36.05,"text":"The tech-heavy index has now gained 15 per cent this month as hopes of an end to the Iran conflict boost markets. The broader S&P 500 benchmark, which is also trading at record levels, is up 10 per cent, against a gain of 5 per cent in Europe’s benchmark Stoxx 600, on track for the biggest gap in performance since last June. "}],[{"start":56.599999999999994,"text":"US indices have hit a series of records following this month’s US-Iran ceasefire, while European stocks and other assets such as government bonds and gold are still in the red since the conflict began."}],[{"start":68.64999999999999,"text":"Investors said US stocks were benefiting from the AI boom and the perception that the country as a net energy exporter was in a better position to handle oil prices above $100 a barrel. "}],[{"start":79.99999999999999,"text":"The US president on Thursday said the market had “broken every record over the last few days, and this is during a military operation or a war, or whatever you want to call it”."}],[{"start":90.14999999999999,"text":"“I’m actually a little bit surprised that we’re breaking it constantly even now during this conflict,” Trump said. "}],[{"start":96.05,"text":"The S&P 500’s “blended” first-quarter net profit margin — combining results from the roughly 150 companies that have already reported and estimates for those that have not — is 13.4 per cent, according to FactSet, on track for the strongest quarter since the data provider began tracking the metric in 2009."}],[{"start":null,"text":"
"}],[{"start":null,"text":""}],[{"start":116.4,"text":"“The US stock market is materially less sensitive to the war,” said Seb Barker, chief market strategist at hedge fund firm Marshall Wace, whose portfolio has had through the conflict a bet on US stocks outperforming that has come good in April."}],[{"start":132.1,"text":"“This shock needs to run on for months and months before it poses the risk of a material [fall] in the US equity market” given the resilience of the US economy, Barker said. “Europe needs it to end in the next two to three weeks; the US needs it to end in the next three to four months.” "}],[{"start":148.75,"text":"Economic activity contracted in Europe this month, according to survey data released on Thursday, while similar data for the US released the same day showed continued growth."}],[{"start":159.25,"text":"Big asset managers such as BlackRock have warned Europe is a lot more exposed to the war’s economic effects, dimming their view on the region’s stock market, which is now trailing the US in performance terms so far this year."}],[{"start":171.85,"text":"The S&P’s resurgence has come despite a big shift in US financial conditions triggered by the war in the Middle East. One-year inflation expectations have jumped, hopes of steep interest rate cuts have dimmed and petrol prices at the pump have climbed to about $4 a gallon."}],[{"start":188.65,"text":"Bank of America analysts this week described the American market’s sharp recovery in April as “bubble-like price action”."}],[{"start":196.05,"text":"The first batch of first-quarter earnings from US companies, meanwhile, has been resilient, say investors, with banks JPMorgan Chase and Citi among those reporting bumper profits."}],[{"start":null,"text":""}],[{"start":206.9,"text":"Tech stocks have been a big driver of the US outperformance this month, with Amazon up more than 25 per cent and Meta, Microsoft and Alphabet also sitting on double-digit gains in April. Intel is up 85 per cent over the same period. "}],[{"start":222.65,"text":"The Philadelphia Semiconductor index, which tracks 30 of the world’s biggest US-listed chip manufacturers, has surged almost 40 per cent since the market bottomed on March 30. "}],[{"start":234.1,"text":"Memory and computer storage stocks Sandisk and Western Digital are the American market’s best performers this year, up about 320 and 140 per cent, respectively, as supply of their products has struggled to keep up with a glut of demand. "}],[{"start":250.1,"text":"Earnings are “likely to help reinforce the message that the equity bull market remains well supported”, said Charles-Henry Monchau, chief investment officer at Swiss bank Syz, adding the earnings season was “off to a strong start” with CEOs pointing to the resilience of US consumers and business."}],[{"start":268.25,"text":"AI investment spending is expected to help lift S&P 500 earnings per share by 12 per cent this year as a whole, and 10 per cent next year, according to estimates from Goldman Sachs. It is expecting the index to reach 7,600 by year-end from the current level above 7,100. "}],[{"start":286.5,"text":"But others warn that stock prices seem complacent given the ongoing risks of the energy shock as well as other threats, such as the downturn in private credit, with the Bank of England deputy governor Sarah Breeden telling the BBC she expected an “adjustment” to asset prices."}],[{"start":302.85,"text":"Data visualisation by Ray Douglas"}],[{"start":314.6,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1777078776_5147.mp3"}