The U.S. stock market trade last night wasn’t just a simple matter of up or down—it was about whether “AI can keep bearing the index.” The S&P 500 edged lower and the Nasdaq was roughly flat, but internally it was highly divided: MSFT, AMD, and AVGO stayed strong, and the SMH was still in the process of repairing. Meanwhile, TSLA, AAPL, and smaller-cap stocks leaned weaker. On top of that, with the Middle East situation repeatedly shifting, pressure on Hormuz shipping, and volatility in oil prices/gold, the market is effectively doing two things at once: buying AI certainty while leaving a buffer for macro risks.
Today I’ll focus on three lines: in the AI chain, whether NVDA/AMD/MSFT can keep spreading momentum; whether consumer/auto earnings—such as TSLA and GM—show demand pressure; and whether oil prices and the 10-year U.S. Treasury yield will again squeeze growth-stock valuations. For beginners: when the index moves sideways, it doesn’t mean there’s no main theme. It’s more useful to first see where capital is “buying certainty and selling uncertainty,” rather than only looking at whether the overall market is red or green.
Today I’ll focus on three lines: in the AI chain, whether NVDA/AMD/MSFT can keep spreading momentum; whether consumer/auto earnings—such as TSLA and GM—show demand pressure; and whether oil prices and the 10-year U.S. Treasury yield will again squeeze growth-stock valuations. For beginners: when the index moves sideways, it doesn’t mean there’s no main theme. It’s more useful to first see where capital is “buying certainty and selling uncertainty,” rather than only looking at whether the overall market is red or green.