What is currently happening with the U.S. stock market, which is rising against the trend?

Let’s discuss today’s U.S. stock market, which is rising against the trend. The Nasdaq has hit a new all-time high; the S&P 500 has been consolidating near its highs for several months. Despite persistently high oil prices, rising yields, and ongoing geopolitical tensions, U.S. equities have held firm. Yields and oil prices will continue testing how long the market can sustain these elevated levels. If U.S. stocks keep rising, AI-related stocks will likely remain the primary drivers. Conversely, if yields and oil prices decline, small-cap stocks and interest-rate-sensitive equities could see significantly greater upside potential. Let’s break this down stock-by-stock: S&P 500: It has traded sideways for nine weeks, with price volatility gradually narrowing and volume providing solid support. In the past ten weeks, eight ended in gains. The index remains above both its 10-week and 20-week moving averages—indicating consistent buying pressure. Nasdaq 100: It just posted a record-high weekly closing price. Historically, hitting a new all-time high is often followed by further gains. Despite numerous recent headwinds, prices have never collapsed. QQQ features a gap-up at 720 points—but in a strong uptrend, such gaps aren’t necessarily filled.

The Nasdaq has hit a new all-time high, Apple’s share price has also reached an all-time high, and the memory sector has exploded—SanDisk surged over 7%, Seagate over 6%. What’s behind this?

Overnight and into this morning, as oil prices retreated, U.S. equities once again enjoyed a tech-driven rally to fresh highs. At market close, the Nasdaq Composite rose 0.45% to 27,244.28—another record high; the S&P 500 edged down 0.06 points to 7,764.64; and the Dow Jones Industrial Average fell 0.36% to 51,863.69. The Nasdaq 100—which focuses more heavily on technology-weighted stocks—rose 0.82% to 30,732.4, marking its first new all-time high in over three months. By market capitalization, major stocks closed as follows: NVIDIA up 0.66%, Apple up 0.23%, Google-A down 1.07%, Microsoft down 0.72%, Amazon down 1.34%, TSMC up 1.54%, SpaceX up 1.89%, Meta down 0.63%, Broadcom up 0.52%, Tesla up 0.96%, SK Hynix up 3.45%, Micron Technology up 5%, Eli Lilly up 0.45%, and Berkshire Hathaway Class A up 0.46%. Beyond Micron and SK Hynix, memory-sector stocks also surged: SanDisk jumped 6.82%, Seagate Technology rose 4.85%, and Western Digital gained 3.67%. Chipmaker Monolithic Power Systems (MPS), a key supplier for AI server power solutions, soared 8.06%—topping all Nasdaq 100 components. Astera Labs, a developer of AI high-speed interconnect chips, rose 6.67%; Teradyne, a leading semiconductor test equipment maker, climbed 4.49%. Regarding so-called “Muse概念股” (Muse-related stocks): e-commerce platform Shopify surged 7.12% after announcing a partnership with Meta to integrate Muse AI agents—gaining nearly 15% over the past two days. CPU-related stocks—including AMD, Intel, Arm, and Qualcomm—which had rallied sharply the previous day, continued their upward momentum on Tuesday. U.S. non-ferrous metals stocks also strengthened broadly: Southern Copper rose 4.08%, Freeport-McMoRan +3.03%, and Newmont +3.42%. Cisco Systems fell 4.5%, posting the largest decline among Dow components. Piper Sandler lowered its price target for Cisco from $132 to $125. Financials also weighed on the Dow. The S&P 500 Financials Index dropped 1.98% on Tuesday—the lowest since July. JPMorgan Chase fell 3.42%, Bank of America dropped 3.04%, Wells Fargo declined 3.92%, and Morgan Stanley slid 2.88%. The NASDAQ Golden Dragon China Index rose 0.32% on Tuesday. At close: Alibaba +0.48%, Pinduoduo +1.33%, NetEase +1.1%, JD.com +0.37%, Baidu +0.24%, Trip.com +0.49%, Li Auto +1.22%, Futu Holdings +0.24%, Bilibili +0.72%, and NIO +1.23%.

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