Market Overview

With PPI inflation unexpectedly weak, $S&P 500 Index(.SPX.US)$ and $Nasdaq Composite Index(.IXIC.US)$ hit record highs for the fourth consecutive day. $NVIDIA(NVDA.US)$ , rising more than 3% for two days straight, along with $Apple(AAPL.US)$ , $Broadcom(AVGO.US)$ (up over 12% post-earnings), and other AI-related stocks, continued to reach new highs. Apple closed as the highest-valued company, surpassing $Microsoft(MSFT.US)$ . Following Elon Musk's "leak" about shareholder approval for the compensation plan, $Tesla(TSLA.US)$ rose nearly 3%. $GameStop(GME.US)$ rebounded, soaring over 14%, and $Adobe(ADBE.US)$ surged 17% after-hours due to strong earnings.

Following the U.S. PPI report, Treasury yields fell rapidly, with the 30-year yield reaching a two-month low after an auction. The dollar index briefly dipped but then approached a one-month high, while the euro initially rose but later neared a one-month low.

Crude oil turned positive after initially falling 1% post-PPI, marking a four-day rally and a two-week high. Spot gold briefly gained but ended down over 1%. LME nickel dropped more than 2% to a two-month low, while copper fell over 1%, nearing a seven-week low.