Key facts
- Anthropic's IPO filing and Meta's equity raising plans boosted tech stocks.
- Anthropic is a loss-making company with explosive but slowing revenue growth.
- Anthropic's spending plans ahead top half a trillion dollars.
- Anthropic's valuation is targeted around $1.5 trillion.
- Oil prices rose on Monday and Tuesday.
- Benjamin Netanyahu is trying to cling to power in Israeli elections.
- The US unemployment rate has been below 5% for 64 consecutive months.
- Inflation has remained above target for more than five years and is moving higher.
Tech stocks rallied on Monday, with investors interpreting Anthropic's IPO filing and Meta's equity raising plans as positive signs for the AI sector. This sentiment helped stabilize tech names in Asia overnight, though China's tech market remained an exception. Anthropic, a loss-making company with significant revenue growth and substantial future spending plans, is targeting a valuation of around $1.5 trillion for its IPO. Meanwhile, oil prices edged higher despite ongoing mediation efforts in the Iran conflict. In Israel, Prime Minister Benjamin Netanyahu faces elections, while Brazil's markets reacted to President Lula's reelection. The US Treasury is set to auction 5-year notes, and the Federal Reserve is expected to pause its interest rate hikes this week, even as inflation remains above target and the labor market stays robust.