The S&P500 nudged toward new highs overnight as inflation fears abated, at least for now. Stocks hit an intraday high late in the session after President Donald Trump signed a presidential memorandum to examine reciprocal tariffs on foreign nations but fell short of implementing any levies after teasing major trade policy changes this week. A jump in big-name tech stocks fuelled Thursday’s gains. Nvidia gained ~3% after Hewlett Packard Enterprise said it shipped its first solution using Nvidia’s Blackwell chip. AppLovin Corp (APP US) was the best-performing U.S. tech stock last year and it soared another ~20% overnight on earnings. Tesla rose more than +4%, but its shares are still hovering near a three-month low.
- We can see the S&P500 rotating between 5750 and 6250 over the coming months.
MM is neutral toward the S&P500 ~6100
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