The upward trend in global stock markets continues, with the S&P and Nasdaq hitting new record highs yesterday. Momentum continues as US data starts to weaken over the past week, possibly supporting earlier rate cuts from the Fed this year. Tech equities lead robust risk asset demand, propelled by semiconductor strength (SOX up 4.5%, nearing peaks, with NVDA's daily dominance achieving a $3 trillion market cap, eclipsing AAPL), amid fervor for AI's growth potential. Concurrently, cryptocurrencies excel, with Bitcoin crossing $71,000, marking a 70% ascent YTD. FX: The USD was choppy amid mixed US data keeping ... (full story)