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On a typical Thursday at Sydney’s bustling Pitt Street Mall, pedestrians moved about under the watchful eyes of global markets, which experienced a noticeable uptick. Both Australia and Japan saw their markets rise on Friday, in step with Wall Street’s bullish performance that propelled the S&P 500 and Nasdaq Composite to reach impressive new heights.
This upward momentum came on the heels of strong earnings reports from industry giants Apple and Caterpillar, which buoyed investor confidence. Despite facing less-than-stellar economic data and heightened tensions stemming from U.S. President Donald Trump’s pointed warnings toward Iran, investors seemed unfazed.
In the commodity markets, Brent crude briefly soared to $126 per barrel following a report by Axios that suggested the U.S. military was set to brief President Trump on potential actions against Iran. This spike was short-lived, however, as Brent’s June contract, which concluded on Thursday, settled at a more tempered $114.01 per barrel.
Meanwhile, U.S. West Texas Intermediate crude showed a modest increase of 0.61%, reaching $105.71 as of 7:46 p.m. ET. Brent futures for July delivery also saw a positive close at $110.40, reflecting the complex interplay of geopolitical tensions and market responses.
Brent crude prices briefly surged to $126 a barrel after Axios reported that the U.S. military would brief Trump on potential action against Iran.
However, Brent’s June contract, which expired on Thursday, later settled at $114.01 a barrel, while U.S West Texas Intermediate was 0.61% up at $105.71, as of 7:46 p.m. ET. Brent futures for July delivery closed at $110.4.
On Thursday, the U.S. Commerce Department reported that gross domestic product rose at a 2% annualized pace in the first quarter. While that was an increase from 0.5% in the fourth quarter of 2025, it was below the 2.2% consensus estimate by Wall Street economists.
Most major Asian markets are closed due to the May Day holiday.
Japan’s Nikkei 225 climbed 0.38% to 59,513.12, and the Topix reversed earlier losses to gain 0.04%, ending at 3,728.73.
The Japanese yen strengthened marginally against the dollar on Friday, after reports that Tokyo had intervened to prop up the yen on Thursday, prompting a sharp rally.
The currency was last trading at 156.56 against the greenback, after breaching the 160 level earlier in the week, hitting a two-year high of 160.72.
Australia’s S&P/ASX 200 was up 0.74% and closed at 8,729.8, snapping an eight-session losing streak.
Overnight in the U.S., the S&P 500 rose 1.02% to close at a record of 7,209.01, its first close above the 7,200 threshold. The tech-heavy Nasdaq jumped 0.89%, hitting new intraday and closing records as well.
The blue-chip Dow Jones Industrial Average added 1.62%.
U.S. futures for all three major indexes were marginally up after the session, with S&P 500 futures advancing 0.16%, while Nasdaq 100 futures were little changed. Futures tied to the Dow Jones Industrial Average added 79 points, or about 0.2%.
— CNBC’s Lisa Kailai Han and Sean Conlon contributed to this report.
