Stocks rally as investors dive back into tech; oil slips

10/06/2026 04:49 AST

Global stocks rallied on Tuesday as investors rushed to buy the latest dip in tech stocks, while oil prices fell after Israel and Iran agreed to halt attacks on one another for now.

In Europe, the STOXX 600 rose 0.7%, led by tech heavyweights ASML and Infineon. U.S. stock futures rose 0.5% to 0.8%, as a broad range of shares gained in pre-market trading, including Meta, Eli Lilly and Goldman Sachs, which were up around 1%.

Excitement about artificial intelligence was front and centre, with ChatGPT maker OpenAI confidentially filing for a U.S. initial public offering on Monday, days before SpaceX's hotly anticipated market debut this week. "Wall Street bankers and CEOs are beside themselves with excitement about these mega-cap listings. However, on the street there is some caution setting in," XTB research director Kathleen Brooks said.

"Although we fully expect the SpaceX IPO to be successful, the IPO itself is probably the least interesting event; what is far more interesting will be SpaceX's future earnings reports, which will need to be big to justify a valuation that is 56 times forward earnings."

Excitement about artificial intelligence was front and centre, with ChatGPT maker OpenAI confidentially filing for a U.S. initial public offering on Monday, days before SpaceX's hotly anticipated market debut this week. "Wall Street bankers and CEOs are beside themselves with excitement about these mega-cap listings. However, on the street there is some caution setting in," XTB research director Kathleen Brooks said.

"Although we fully expect the SpaceX IPO to be successful, the IPO itself is probably the least interesting event; what is far more interesting will be SpaceX's future earnings reports, which will need to be big to justify a valuation that is 56 times forward earnings."

Reuters