Market UpdatesApr 17, 20262 Min

Global Market Wrap: Wall Street Scales Record Run, Oil Steady

We are back with quick updates about global stock markets and major developments across some of the top companies worldwide.

Asia-Pacific markets opened lower on Friday, as cautious optimism over the Middle East conflict kept sentiment subdued. US President Donald Trump said the war in Iran “should be ending pretty soon,” reiterating his optimistic outlook on the conflict.

South Korea’s Kospi slipped 0.5% to 6,191, while Japan’s Nikkei 225 dropped 1.0% to 58,475. Australia’s S&P/ASX 200 saw a slight dip 0.2% to 8,934. Hong Kong’s Hang Seng index declined 0.9% to 26,151, and Singapore’s Straits Times Index edged down 0.2% to 4,993.

Overnight on Wall Street, the S&P 500 and Nasdaq Composite climbed to fresh record highs, adding to their strong gains this week on hopes of a possible end to the Iran war. The S&P 500 rose 0.2% to close at 7,041, while the Nasdaq Composite added 0.3% to settle at 24,102. The tech-heavy index marked its 12th straight day of gains, its longest winning streak since 2009. Both indices hit record levels during the session and at the close. The Dow Jones Industrial Average also moved higher, gaining 115 points, or 0.24%, to end at 48,578. For the week, the S&P 500 and Nasdaq are up 3.3% and 5.2%, respectively, while the Dow has gained over 1%.

Oil prices fell amid US President Donald Trump’s comments on the Iran war ending soon, while a ceasefire between Israel and Lebanon lifted hopes of easing supply disruptions. West Texas Intermediate (WTI) crude for May delivery fell 1.2% to $93.52 per barrel, while the International benchmark Brent for June delivery declined 1.2% to $98.19 per barrel.

Gold prices were mostly unchanged on Friday and remained on track for a fourth straight weekly gain. Spot gold gained 0.13% to $4,794.16 per ounce, while US gold futures for June delivery rose 0.12% to $4,814.20. Meanwhile, spot silver increased 0.79% to $79.02 per ounce.

Here’s a look at some of the important developments across the global markets:

Boeing hires at fastest rate since 2024 to support production lines, boost output

Boeing is hiring more than 100 factory workers a week as it ramps up production and replaces retiring staff. The pace, around 100 to 140 hires weekly, is the fastest since 2024. The company’s unionised workforce in the Pacific Northwest has crossed 34,000 and is expected to grow further. A Boeing spokesperson said hiring remains strong across its operations to support higher production rates. The hiring push comes as Boeing prepares to staff a fourth Seattle-area production line, known as the North Line, for its 737 MAX jet. The company is also adding workers to support the 777X program, which is still awaiting certification, while backfilling roles left by retirees.

OpenAI launches AI model GPT-Rosalind for drug discovery, biotech work

OpenAI has launched a new artificial intelligence model, GPT-Rosalind, aimed at supporting life sciences research. Named after 20th-century British scientist Rosalind Franklin, the model is designed to assist work in biochemistry, drug discovery and translational medicine. It can help researchers with tasks such as analysing data, reviewing scientific papers, generating hypotheses and planning experiments. The launch comes as demand grows for AI tools that can speed up research across pharmaceutical companies, academic institutions and biotech firms. GPT-Rosalind is being released as a research preview and will be available through ChatGPT, Codex and OpenAI’s API for selected users under its trusted access programme.

In a separate development, OpenAI has agreed to pay more than $20 billion over the next three years to use servers powered by Cerebras, in a deal that could also include an equity stake in the company. The move comes as OpenAI looks to strengthen its position in the AI race and meet rising demand for computing power.

Hong Kong plans tax break to attract global commodity traders

Hong Kong is planning a tax break for commodity traders as it looks to strengthen its position as a regional trading hub and revive shipping activity. The government will introduce a concessionary regime that cuts the profits tax for qualifying traders of physical commodities to 8.25%, from the standard 16.5%, on eligible activities. The scheme will cover sectors such as mining and is aimed at attracting global firms to set up or expand operations in the city. Officials said the move is closely linked to Hong Kong’s broader maritime strategy. By drawing more commodity traders, authorities expect an increase in shipping demand, which could support activity across the maritime sector.

Tesla seeks Taiwan chip engineers for Terafab project

Tesla is seeking semiconductor engineers in Taiwan for its Terafab artificial intelligence chip project. The company is hiring for various engineering roles, seeking candidates with experience in advanced chip manufacturing, including processes below 7 nanometres. The Terafab facility is a vertically integrated semiconductor factory combining design, manufacturing, packaging and testing. Taiwan, home to TSMC, offers a deep pool of talent in advanced chipmaking, particularly in cutting-edge nodes such as 2-nanometre technologies. Some roles for which Tesla is looking at hiring also require expertise in advanced packaging methods like CoWoS and SoIC. Tesla CEO Elon Musk recently unveiled the Terafab project, which is aimed at supporting the company’s ambitions in artificial intelligence, robotics and data centres.

Struggling shoe retailer Allbirds pivots to AI, adds $127 million in value

Allbirds made a surprising announcement that it is pivoting from shoes to artificial intelligence. The move boosted shares of the miniscule market cap company. It was valued at $21 million at the close on April 14. The valuation of the shoe company climbed to $148 million on Wednesday, adding $127 million, or a gain of 582%, in value. The shares, which were under $3 a day ago, jumped to about $17. The company said it will rebrand as NewBird AI and plans to raise up to $50 million, with the deal expected to close in the second quarter of 2026. It aims to invest in AI compute hardware and lease capacity to customers. The move comes after Allbirds agreed in March to sell its intellectual property and other assets for $39 million. The company was once valued at more than $4 billion.

Myseum shares surge 130% after company shifts focus to AI

Myseum shares surged about 130% on Thursday after the company said it is shifting its focus to artificial intelligence. The social media platform provider saw its stock jump above $3, hitting its highest level in over a year and marking its best day since early 2025. The New Jersey-based company said it will rebrand as Myseum.AI as it looks to integrate AI into its platforms, including Picture Party and DatChat. It plans to use AI agents to manage personal media based on user preferences while maintaining privacy.

Drone maker AEVEX raises $320 million in US IPO as defence stocks gain traction

Drone maker AEVEX Aerospace said it raised $320 million in its US initial public offering after pricing shares at $20 each. The Solana Beach, California-based company sold 16 million shares within its indicated range of $18 to $21 apiece. Shares of Arxis rose 36% in their Nasdaq debut on Thursday. The listing comes as defence-linked companies tap equity markets amid strong investor interest, supported by rising geopolitical tensions and higher defence spending. The Russia-Ukraine war has highlighted the growing role of drones in modern warfare.

Quantum stocks rally after Nvidia debuts AI models to boost the tech

Quantum computing stocks rallied this week after Nvidia unveiled new open-source AI models aimed at advancing the technology. Shares of IonQ and D-Wave Quantum surged more than 50%, while Quantum Computing Inc. and Rigetti Computing gained over 30% each. The rally followed Nvidia’s launch of Ising, a family of open-source models designed to support quantum computing. The company said the models aim to address key challenges such as error correction and system calibration.

Anthropic to scale up London office amid growing AI competition

Anthropic said it is expanding its presence in London with new office space for up to 800 employees, days after OpenAI announced plans for its first permanent office in the city. Anthropic currently has more than 200 employees in London and said the expansion reflects growing demand for its AI products. The company has recently launched new tools, including its coding agent Claude Code and the Mythos AI model, which focuses on identifying software vulnerabilities. Anthropic raised $30 billion at a $380 billion valuation in February and has reportedly received investor interest at significantly higher valuations.

Japan to give Sony $380-million subsidy for image sensor plant

The government of Japan will provide subsidies of up to 60 billion yen ($380 million) to Sony for an image sensor plant in Kumamoto, industry minister Ryosei Akazawa said on Friday. Akazawa said image sensors are critical for technologies such as autonomous driving and physical AI, and the government wants to ensure a stable supply.