Market Overview

Tech stocks supported the broader market, with the $S&P 500 Index(.SPX.US)$ and $Nasdaq Composite Index(.IXIC.US)$ rising for the second consecutive day. $Tesla(TSLA.US)$ led tech giants with a 4.8% increase, while $Amazon(AMZN.US)$ surged 3.9% to a record high, breaking the $2 trillion market cap for the first time. $NVIDIA(NVDA.US)$ , which was down 2.8% intraday, managed to close in the green. $Microsoft(MSFT.US)$ hit new highs for two days, despite underwhelming revenue guidance. $Micron Technology(MU.US)$ 's after-hours shares fell more than 9%.

The yield on the 10-year U.S. Treasury rose for the second consecutive day, reaching a two-week high. The yen fell below 160 against the dollar, hitting its lowest level since 1986. After Japanese officials warned about the exchange rate, the yen briefly recovered some losses. The dollar index reached an eight-week high.

Oil prices saw a modest rebound, despite an unexpected increase in U.S. crude inventories, which caused prices to briefly dip to the day's lows. Gold dropped over 1% intraday to a two-week low. Copper on the London Metal Exchange fell for the fourth consecutive day, hitting a two-month low, while zinc rose over 2%, marking a three-day winning streak to a three-week high.