Market Overview

Chip stocks bolstered $S&P 500 Index(.SPX.US)$ to a new record high, with $Nasdaq Composite Index(.IXIC.US)$ narrowly closing up and marking its seventh consecutive record. Among the tech giants, only $NVIDIA(NVDA.US)$ closed higher, up 3.5%, pushing the chip index to a record high and surpassing $Microsoft(MSFT.US)$ in market value to become the world's largest for the first time. $Apple(AAPL.US)$ , $Alphabet-C(GOOG.US)$ , $Tesla(TSLA.US)$ , and $Meta Platforms(META.US)$ all fell over 1%.

Following US retail sales data, the 2-year Treasury yield plunged, turning lower. Strong demand at the 20-year Treasury auction pushed yields to daily lows, nearing two-month lows. Post-retail data, the dollar index turned negative, declining for two days from its six-week high, while the yen briefly surged. Gold turned positive. Bitcoin fell over $2,000 intraday, nearing the $64,000 mark, a two-month low.

Oil prices rose over 1%, hitting a seven-week high for the second consecutive day. Lead prices in London gained for two days to a one-week high, while copper prices moved off a one-month low, and nickel prices fell for the fourth day, hitting a two-month low.