Market Summary
AI Trade Roars Back: South Korea’s Kospi surged 7%, and Nasdaq 100 futures climbed 2% after Micron delivered a quarterly sales forecast that comfortably exceeded expectations. The chipmaker projected fourth-quarter fiscal revenue of $50 billion, well ahead of analyst estimates of $43.2 billion, sending its shares up 17% in after-hours trading. The results reignited investor confidence in the AI theme, lifting semiconductor and technology stocks across global markets.
Gold Breaks Below $4,000: Gold fell below the $4,000 level for the first time since November, opening at $3,999.41. The move lower comes amid a resurgent U.S. dollar and growing expectations that interest rates could remain higher for longer under Federal Reserve Chair Kevin Warsh.
Treasury Yields Retreat: The yield on the 10-year U.S. Treasury fell 10 basis points to 4.39%, signalling a reassessment of the Federal Reserve’s likely interest rate path. The move comes just a week after traders aggressively priced in the prospect of rate hikes following Kevin Warsh’s first policy meeting. Investors now appear to be moderating those expectations as markets digest incoming economic data and policy signals.
Bitcoin Faces Options Test: Bitcoin rose 1% overnight, though traders remain focused on a major upcoming options expiry event that could increase volatility across cryptocurrency markets. The digital asset continues to face pressure from fading institutional demand and broader macroeconomic headwinds, leaving sentiment fragile despite the recent rebound.
Economic Calendar
- U.S. Third Quarter GDP
- U.S. Third Quarter Final Sales
- U.S. Personal Income
- U.S. Consumer Spending
- U.S. PCE Price Index
- Mexico Monetary Policy Decision
Key Market Moves Today
- S&P 500 Futures: +0.52% (7,466)
- U.S. 10-Year Yield: +1.37 bps (4.41%)
- Brent Crude: -1.68% ($72.50)
- Bitcoin: -0.18% ($60,768)
- Spot Gold: -0.19% ($3,991)
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