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Global Markets

US indices experienced a mixed session overnight, with the NASDAQ closing +0.3% higher while the Dow fell -0.5 %. AI giant Nvidia (NVDA US) was the difference across the indexes, surging +7% as investors continued to embrace last week’s solid earnings report plus some news around Elon Musk’s push into AI was supportive. A couple of uninspired bond auctions saw bond yields advance, weighing on the broad-based equities market as stocks collectively struggle for reasons to power to fresh all-time highs.

  • Our preferred road map over the coming weeks/months is the US market tests the 5500 area, now only 5% higher.
  • However, we are conscious the market has already made new highs in May, and this is a “breakout” we would not chase”.
MM is cautiously bullish on US stocks short-term
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US S&P500 Index
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