Tech Stocks and Gold Hit Record Highs as Dollar Breaks Below 97 Support

Market Overview

Investors now view a Federal Reserve rate cut this week as virtually certain. Tech stocks surged, driving the S&P 500 above 6,600, while the Nasdaq closed at a record high for the sixth consecutive session. Tesla rallied for a third straight day, jumping more than 7% intraday and erasing year-to-date losses. Alphabet climbed nearly 4.5%, reaching a $3 trillion market cap, while Coreweave gained more than 7.6%. U.S. Treasury yields fell, with the 10-year down 3.45 basis points. The U.S. Dollar Index dropped 0.35%, breaking below the key 97 support level. Cryptocurrencies broadly declined—Bitcoin reversed from earlier gains to fall as much as 2% from the intraday high, while Solana briefly slid 5%. A weaker dollar fueled gold prices, which spiked more than 1.2% to approach $3,700, setting another record. In commodities, coking coal surged nearly 5.7% in overnight trading, while coke advanced over 4.6%.

Hot Topics to Watch

Musk Invests $1 Billion to Boost Tesla Stake

According to Monday‘s filing, Elon Musk purchased about 2.57 million Tesla shares last week at prices between $371 and $396 per share. The move is seen as a key step toward Musk’s goal of holding a 20% stake, aimed at strengthening Tesla‘s competitiveness as it pivots toward artificial intelligence and robotics. Tesla shares surged as much as 7.5% intraday and closed up 3.6%, rebounding 85% from April’s lows.

Trump Proposes Semiannual Earnings Reports

Procedurally, altering the quarterly reporting requirement would not require an act of Congress, but rather a majority vote at the SEC. Republicans currently hold a 3–1 majority, with one seat still vacant. Evercore ISIs Head of Global Policy and Political Strategy, Sarah Bianchi, noted that the process could take 6–12 months. However, many on Wall Street remain skeptical about whether the change will actually occur.

Key Data to Watch

20:30 GMT+8: U.S. August Retail Sales (MoM), U.S. August Import Price Index (MoM)

21:15 GMT+8: U.S. August Industrial Production (MoM)

22:00 GMT+8: U.S. September NAHB Housing Market Index, U.S. July Business Inventories (MoM)