Overview

• The S&P 500 and Nasdaq closed at record highs on Monday, driven by tech gains after OpenAI agreed to procure AMD chips, sending AMD shares up 23.7% even as the Dow slipped 0.14%.
• Long-dated sovereign yields climbed, including the U.S. 30-year Treasury, as France’s political crisis and expectations of looser fiscal policy in Japan heightened global fiscal risk.
• European equities were mixed: Paris fell 1.36% on Monday after Prime Minister Sébastien Lecornu resigned, and early Tuesday trading was near flat as President Emmanuel Macron pushed for cross-party budget talks.
• In Asia, Tokyo’s Nikkei inched up 0.01% to a third straight record and Taiwan rallied 1.68%, tracking U.S. tech strength after the OpenAI–AMD announcement, while several regional markets were shut for holidays.
• Brazil’s Ibovespa fell 0.41% on bank and Petrobras losses, offset by gains in Vale after a debenture buyback move, as the real firmed and DI futures eased following a cordial Lula–Trump call and with attention on today’s MP 1.303 vote.