Market Overview

Fed Chair Powell’s dovish testimony before Congress pushed U.S. stocks to new highs, with $S&P 500 Index(.SPX.US)$ and Nasdaq 100 hitting record highs for five consecutive days, and $Nasdaq Composite Index(.IXIC.US)$ rising for six consecutive days. $Tesla(TSLA.US)$ 's ten-day rally has boosted its value by over 43%, adding nearly $240 billion in market cap. The semiconductor index rose 1% before closing down. $NVIDIA(NVDA.US)$ opened over 4% higher and closed up 2.5%. $Apple(AAPL.US)$ , Lam Research $Lam Research(LRCX.US)$ , $Applied Materials(AMAT.US)$ , and $Eli Lilly and Co(LLY.US)$ reached new highs.

Chinese stocks surged 3.6%, with $BIDU-SW(09888.HK)$ up 8.5%. Political risks weighed on European stocks, with French stocks down 1.6% and $Novo-Nordisk A/S(NVO.US)$ down about 1.9%.

Powell's testimony caused volatility in U.S. Treasuries, the dollar, and gold. Treasury yields and the dollar hit daily highs, while oil prices fell for a third consecutive day. The yen fell below 161.