Investing.com -- Global chip stocks are trading higher on Thursday while U.S. markets are closed for the Thanksgiving holiday. OPEC has postponed its upcoming meeting to discuss unwinding supply cuts, and the Federal Trade Commission is probing Microsoft. Here's your look at what's happening in markets.
- Chip stocks rise
Shares of major global semiconductor equipment companies rose sharply on Thursday following a report that new U.S. sanctions on China’s chip industry may be less severe than expected.
ASML (AS:ASML) gained approximately 4% in early European trading, while Tokyo Electron Ltd. (TYO:8035) rose more than 6% in Japan.
Bloomberg reported on Wednesday that the U.S. is considering additional restrictions on the sale of semiconductor equipment and AI memory chips to China, but the new rules could stop short of earlier, more stringent proposals.
- OPEC meeting postponed
OPEC+ has postponed a meeting on oil production cuts, initially scheduled for Sunday, to December 5, according to reports.
The group is set to discuss whether to move forward with plans to increase output by 180,000 barrels per day starting in January. Earlier in the week, reports indicated that discussions are underway to delay the planned increase, possibly for several months.
Oil markets are on guard over a potential global supply glut in 2025, spurred chiefly by record-high U.S. production.
Oil prices were slightly lower after U.S. inventory data overnight showed that while oil stockpiles fell in the latest week gasoline inventories rose, sparking concerns over cooling demand.
A ceasefire between Israel and Lebanon also dented risk premium.
- FTC opens probe into Microsoft
Microsoft (NASDAQ:MSFT) shares fell in after-hours trade after the Federal Trade Commission launched a broad-based antitrust investigation, spanning several areas of the software giant's business, including cloud computing, artificial intelligence and cybersecurity.
The probe is looking at whether Microsoft is leveraging its market power in productivity software by imposing restrictive licensing terms that prevent customers from transferring their data from its Azure cloud service to competing platforms.
The inquiry was authorized by FTC Chair Lina Khan ahead of her likely departure in January. The outcome of the investigation remains uncertain as the election of Donald Trump has raised expectations he will appoint a fellow Republican with a softer approach toward business.
- Bitcoin gains
Bitcoin was hovering around $96,000 on Thursday as the world’s largest digital currency moved back towards the $100,000 level, after failing to breach the milestone last week.
Bitcoin has hit a series of records since the Nov. 5 presidential election, boosted by expectations the incoming Trump administration will be extremely pro-crypto.
Fox News reported Wednesday that the new administration wants to shift the bulk of crypto regulatory oversight to the Commodity Futures Trading Commission from the Securities and Exchange Commission.
The CFTC oversees the U.S. derivatives market, and is seen as having less strict regulatory standards than the SEC.
But analysts at Compass Point said Wednesday that Trump’s plans for a Bitcoin strategic reserve had limited scope, with the U.S. Treasury unlikely to approve more deficit-driven funding for the government to buy Bitcoin.
- Black Friday in focus
Black Friday marks the start of the holiday shopping season, which will offer a key indication of how U.S. consumers are coping with higher prices.
The season is expected to provide further insights into consumer spending, which drives more than two-thirds of U.S. economic activity. While inflation has eased from the 40-year highs reached two years ago, elevated prices continue to challenge shoppers.
Strong spending through the year-end could reinforce recent data suggesting a stronger-than-expected economy.
While investors have welcomed these signs of economic resilience, concerns remain over the potential for inflation to pick up again, which could limit the extent of Fed interest rate cuts in the months ahead.