Market Overview

The market is awaiting this week’s U.S. CPI and PPI inflation data and Fed Chair Powell’s congressional testimony. A survey by the New York Fed shows Americans' inflation expectations have fallen for two consecutive months. $S&P 500 Index (.SPX.US)$ and $Nasdaq Composite Index (.IXIC.US)$ have both hit new highs for at least four straight days, with the semiconductor index also reaching new heights. $Apple (AAPL.US)$ has hit new highs for five consecutive days, surpassing $Microsoft (MSFT.US)$ in market value. $Tesla (TSLA.US)$ has risen for nine consecutive days. $NVIDIA (NVDA.US)$ surged nearly 4% before paring gains. AI-related stocks like $Arm Holdings (ARM.US)$ and $Oracle (ORCL.US)$ reached new highs, and $Intel (INTC.US)$ and $Advanced Micro Devices (AMD.US)$ both rose over 6%.

The 10-year U.S. Treasury yield erased a 5-basis-point gain to turn negative. The dollar first fell then rose, moving off a more than three-week low.

Oil prices fell around 1%, retreating from more than two-month highs. Spot gold fell as much as 1.7%, approaching $2,350, while silver futures dropped 3%.