Emerging-Market Stocks Rise to Record High on Tech Boost

Most emerging-market currencies weakened on Monday as Iran fired missiles at the United Arab Emirates for the first time in almost a month, weakening an already fragile ceasefire, while optimism over artificial intelligence buoyed stock markets in Asia.

The Colombian and Chilean pesos paced losses in a basket of peers as the US dollar strengthened along with oil prices. The two largest US exchange-traded funds tracking developing stocks — Vanguard FTSE Emerging Markets ETF and iShares Core MSCI Emerging Markets ETF — reversed gains as tensions mounted in the Persian Gulf.