The global macro picture is shifting. The Nasdaq 100 Index led the charge, gaining 0.84% as tech stocks continued their upward trajectory. The S&P 500 followed, closing at 7,563.63 points, a 0.58% increase, while the Dow Jones Industrial Average saw a more modest gain of 0.05%, closing at 50,668.97 points. Small caps, represented by the IWM ETF, also participated in the rally, rising 0.57% to $292.03. The VIX, a measure of market volatility, decreased by 3.38% to 15.74 points, suggesting a decrease in investor fear.
SOFI stood out with an impressive 8.00% surge to $18.33, driven by investor enthusiasm for the company's new stablecoin. In other corporate news, Uber's increased stake in Delivery Hero to 25% is fueling speculation about a potential takeover, according to Jefferies analysts. Meanwhile, concerns are growing about a potential U.S. ban on new Mercedes-Benz vehicles due to the company's ties to a Chinese state-owned automaker, BAIC.
Commodities saw mixed performance. Gold edged up 0.30% to $4546.20/oz, while silver saw a slight decline of 0.02% to $75.90/oz. Oil (WTI) dipped by 1.01% to $88.00/barrel, and copper decreased by 0.28% to $6.41/lb. Bitcoin continued its upward trend, rising 1.09% to $73672.77, while Ethereum increased by 1.98% to $2013.86.
Eagle Point Credit Company (ECC) remains a popular choice for income investors, offering an 18% yield via unrated CLO equity tranches. The dollar index (DXY) decreased slightly to 98.98 points. Market participants are closely monitoring geopolitical developments and their potential impact on global markets. Macro regimes don't change overnight—but when they do, it matters.