Market Overview

Ahead of the key inflation indicator PCE release, U.S. stock indices managed to continue their rise, with $S&P 500 Index(.SPX.US)$ and $Nasdaq Composite Index(.IXIC.US)$ nearing record highs. However, disappointing guidance from $Micron Technology(MU.US)$ dragged chip stocks lower, with Micron down over 7% and $NVIDIA(NVDA.US)$ nearly 2%. $Nike(NKE.US)$ ’s quarterly revenue missed expectations, leading to a more than 10% drop in after-hours trading.

Following weak U.S. economic data, the 10-year U.S. Treasury yield, which had hit two-week highs, quickly reversed its gains. The dollar index also accelerated its decline from an eight-week high. The yen briefly fell below 160.80, hovering near its lowest level since 1986.

In response to the U.S. economic data, crude oil prices hit new daily highs, closing up over 1% to reach at least a nine-week high. Gold accelerated its rebound, rising over 1% intraday to move off its two-week low. Copper on the London Metal Exchange fell for the fifth consecutive day, hitting a two-month low for the fourth straight day, while tin rebounded by 0.6%.