Asian stocks and U.S. equity futures posted modest gains Friday after U.S. shares reached a record on optimism over a stimulus-fueled economic rebound. Trading volumes were below average due to holidays.
Chip-makers bolstered South Korean equities following a report that the U.S. plans to meet with semiconductor and auto companies to discuss the global microprocessor shortage. A gauge of Asia-Pacific shares rose for a second day.
U.S. equity futures edged up after the S&P 500 closed above 4,000 for the first time. Tech shares outperformed and value stocks rallied as traders weighed President Joe Biden’s $2.25 trillion spending plan and signs of faster growth.
Treasuries rebounded after the worst quarter in decades with 10-year yields falling back below 1.7%. The dollar retreated. Oil climbed after the OPEC+ alliance agreed to boost output gradually. In Asia, markets including Australia, Hong Kong, Singapore and India are shut for holidays, as are many worldwide.
