Technology stocks drive US equity futures higher across the board, Asia-Pacific stock indices hit record highs, the yen rebounds after halting its decline, and gold and silver continue to pull back.

The latest wave of enthusiasm for tech stocks continued into Friday, driving US stock index futures higher. As investors continue to increase their exposure, small-cap stocks also rose. US stock index futures all rose, with Dow futures up 0.6%, S&P 500 futures up 0.26%, and Nasdaq 100 futures up 0.32%. Fueled by the ongoing AI boom, Asian tech stocks rebounded strongly and reached record highs, driving the regional benchmark index to rise for the fourth consecutive week and alleviating previous concerns over overvaluation in the sector. Meanwhile, after Japanese financial officials expressed clear concern over the weak exchange rate, the yen recovered against the dollar, and expectations for official intervention rose again. Gold, silver, and crude oil prices adjusted with some volatility. Most Asia-Pacific stock indices rose, with MSCI Asia-Pacific Index up 0.4% intraday, reaching a record high. Japan’s Nikkei 225 closed at 53,936.17 points, down 0.32% from the previous close, but up 7.51% over the past 20 trading days; TOPIX closed at 3,658.68 points, down 0.28%, and up 6.62% over the past 20 trading days. Korea’s KOSPI Index rose 0.9% to 4,840.73 points, marking another closing record high. Gold and silver edged lower, with spot gold down 0.2% at $4,606.06 per ounce; spot silver fell 1.11%, to $91.65 per ounce. Oil prices saw the largest drop since June, with Brent crude down 0.41% to $63.5 per barrel, and WTI crude down 0.34% to $58.88 per barrel. The yen rose 0.2% to 158.28 per dollar. In individual stocks, TSMC surged about 3%, reaching a record high. Asian government bonds saw little change; 10-year yields moved only slightly for the fifth week in a row; global corporate bond yield spreads fell to the lowest point since 2007. According to Bloomberg analysis, global investors remain highly optimistic about the technology sector, with sentiment largely supported by expectations of Fed rate cuts and strong AI earnings prospects. TSMC led the gains, boosting sentiment across the region. In currency markets, the yen’s rise was mainly due to the Japanese Finance Minister’s concerns about yen weakness, which ignited expectations of official intervention at the 160 level. The divergence between Asian stock and currency markets is forcing global funds to reassess their investment strategies in the region. The Bank of Japan’s slow pace of rate hikes and political uncertainties (possible elections) have added to the uncertainty. Market analysis notes that while investors recently shifted to cyclical sectors out of concern about tech stock overvaluations, this rotation appears to have stabilized after TSMC updated its earnings guidance. According to Forex.com analyst Fawad Razaqzada, TSMC’s latest developments seem to have stabilized the sector rotation, rather than completely reversed it. In commodities, despite traders closely watching rising Middle East tensions (US carrier movements and potential actions against Iran), oil prices still saw a sharp decline. Citigroup believes silver will likely avoid tariffs, and absent tariffs will encourage metal outflows from the US, easing global market tightness. Silver prices may face temporary correction pressure. Bond markets: US Treasuries fell after unemployment claims unexpectedly dropped, but Asian bonds held steady. The persistent inertia in yields stems from stable expectations for US monetary policy, but the prolonged range-bound movement has sparked investor anxiety about possible future sell-offs. 17:05 US stocks pre-market: Semiconductor stocks rose, with Micron Technology up nearly 4%, AMD up more than 2%, and TSMC up more than 1%. 16:00 European stocks opened slightly lower, with the UK FTSE 100, France CAC40 down 0.2%, and Germany DAX down 0.1%. 14:32 Nikkei 225 closed down 0.3% at 53,936.17 points. TOPIX closed down 0.3% at 3,658.68 points. Korea KOSPI closed up 0.9% at 4,840.74 points. 13:35 Taiwan Stock Exchange weighted index closed up 1.9% at 31,408.70 points. 12:31 Taiwan stock market rose more than 1%, setting a new intraday record high. 11:29 MSCI Asia-Pacific ex-Japan index rose to a record high of 761.18. 9:10 Korea Composite Index expanded its gain to 1%, Samsung Electronics rose more than 3%, Kia Motors rose more than 2%. 9:01 TSMC opened up more than 2%; Q4 2025 earnings far exceeded expectations, marking seven consecutive quarters of double-digit growth. Risk Warning and Disclaimer The market has risks, investments must be made with caution. This article does not constitute personal investment advice, nor does it consider the individual user's special investment goals, financial situation, or needs. Users should consider whether any opinions, views, or conclusions in this article are suitable for their particular situation. Investment is at your own risk.