Asian shares climbed Monday, fueled by strong demand for tech giants like Nvidia, Alphabet, and Amazon, pushing S&P 500 futures to a fresh all-time high. Nasdaq futures rose 0.3%, while S&P 500 e-minis added 0.2%. Japan’s Nikkei jumped 1%, South Korea’s KOSPI gained 0.5%, and MSCI’s Asia-Pacific index outside Japan edged up 0.1%.
The bullish sentiment came despite caution over U.S. fiscal policy. Investors are watching progress on President Trump’s massive tax-and-spending bill, which the Congressional Budget Office estimates could add $3.3 trillion to U.S. debt. Meanwhile, Friday’s holiday brings U.S. non-farm payrolls data forward, with economists forecasting a modest 110,000 job gain and a rise in the unemployment rate to 4.3%.
Weaker labor data could boost odds of a July rate cut from the Federal Reserve. JPMorgan’s Michael Feroli noted that rising continuing claims and falling consumer confidence point to softening job conditions. A higher unemployment print could shift futures to price in deeper cuts beyond the currently expected 63 basis points for 2025.
U.S. Treasury yields held steady at 3.27% as easing expectations supported bonds despite concerns over ballooning deficits. However, the dollar weakened on expectations of slower growth and rate cuts. The euro hovered at $1.1731, sterling at $1.3719, and the yen strengthened to 144.48 per dollar. The U.S. dollar index slipped to 97.163, with Capital Economics warning further declines may trigger a broader selloff.
Gold prices fell to $3,266/oz as risk appetite returned, while oil extended its losses. Brent crude dropped to $67.22 and WTI to $64.84 amid concerns over rising OPEC+ supply and last week’s steep 12% drop.


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