US Equities Color: Rates and Semis

US equities rose led by the Nasdaq (+104bps) despite higher-than-expected inflation data and rising yields. Market focus is on semiconductor strength and the upcoming meeting between Trump and Xi.

Key Takeaways

• 1.April PPI reading was higher than expected, leading to a year-over-year core PCE price index estimate of +3.32%.
• 2.Market concentration remains extreme, with five companies (NVDA, AAPL, GOOGL, AMZN, and AVGO) driving ~50% of the S&P 500's growth since April 1st.
• 3.The Nasdaq 100 (NDX) spot and volatility have moved in tandem for six consecutive sessions, the longest record on record.

Table of Contents

• US EQUITIES COLOR: RATES AND SEMIS
• DERIVS
• Notice to Australian Investors
• Additional Disclaimers
• Notice to Brazilian Investors
• Notice to Investors in the European Economic Area
• Notice to Investors in Korea
• Notice to Investors in Japan
• Notice to Investors in New Zealand
• Notice to Investors in Switzerland

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