Tech-Fuelled Rally Fizzles as Oil Prices Rise

A tech-driven stock market rally fizzled on Friday as rising oil prices and month-end profit-taking offset a record-setting surge in Asian technology shares.

Markets initially surged across Asia, led by a blistering 18 per cent jump in Seoul after South Korea pledged $14 billion for AI investment and Microsoft posted strong earnings.

However, the momentum faded as trading shifted to Europe and North America, where Brent crude climbed 1.8 per cent, and WTI rose 2.6 per cent amid heightened geopolitical concerns over potential strikes on Iran.

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While individual tech giants like Amazon jumped over 13 per cent on massive AI cloud growth, Apple dropped more than 9 per cent following cautious revenue forecasts linked to supply constraints.

Tech-fuelled rally fizzles as oil prices rise (News Central TV) — Tech-fuelled rally fizzles as oil prices rise. Credit: Reuters

London’s FTSE 100 touched a record high near 11,000 points before pulling back alongside European and US benchmarks.

Ultimately, rising energy costs and looming weekend risks prompted investors to lock in profits, flattening the global market rebound.

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Abisoye Adeyiga

Abisoye Adedoyin Adeyiga holds a PhD in Languages and Media Studies and a Master’s in Education (English Language). Trained in digital marketing and investigative journalism, she is passionate about new media’s transformative power. She enjoys reading, traveling, and meaningful conversations.