Last Friday, equity indices closed mixed. The S&P 500 rose by 0.29%, while the Nasdaq 100 jumped by 0.89%. The Dow Jones Industrial Average fell by 0.31%.

Asian indices approached record highs amid optimism around the AI market and stronger-than-expected results from major tech companies. The MSCI Asia Pacific index gained 2.2%, nearing its all-time high set on February 27, just before the United States and Israel's conflict with Iran began. South Korean and Taiwanese indices added more than 4.5%. Chipmakers also rallied: Taiwan Semiconductor Manufacturing Co. jumped by 6.6%, and SK Hynix Inc. climbed by 11%.

This advance is largely being fueled by a wave of enthusiasm for AI and by positive earnings from leading technology giants that beat analyst expectations. Investors are showing heightened interest in companies aggressively developing AI technologies. Their innovations promise to transform industries from healthcare and transportation to entertainment and finance, and the combination of solid fundamentals and commercialization potential underpins a constructive long-term thesis for the tech sector.

Large-cap earnings confirm this trend. Reports have shown not only resilient revenue and profit growth but also successful deployment of innovation — evidence of strong fundamentals and an ability to adapt to a rapidly changing technological landscape.

"Markets are currently performing well because of this AI-driven trade and AI-driven hype," Pepperstone Group said. "But this geopolitical upheaval, and also the high oil price, are always a constraint."

Today, S&P 500 and Nasdaq 100 futures continued to rise after Wall Street indices closed at fresh highs on Friday.

Brent crude traded with volatility — initially down about 2.4%, then retracing those losses to trade essentially flat around $108 per barrel. The swings followed President Donald Trump's statement that, starting Monday, the US will route non-involved vessels through the Strait of Hormuz. AFP reported a senior Iranian official saying Tehran would view any US intervention in the strait as a violation of the ceasefire.

As for the S&P 500 technical picture, the primary task for buyers today is to overcome the nearest resistance level of $7,256. That would help confirm upside and open the possibility of a thrust to $7,283. Equally a priority for bulls is control above $7,300, which would strengthen buyers' positions. In the event of a downside move amid waning risk appetite, buyers must defend around $7,233. A break below that level would likely push the instrument back to $7,210 and open the way to $7,190.