Nvidia said it received approval to export its customized H20 chips to China. Its stock jumped 5% to a new all-time high, making it the first company to reach a $4 trillion market cap. AMD also rose 5%, likely following Nvidia’s lead. (It looks like both companies have now moved the $5.5 billion and $1.5 billion in inventory they had written down last quarter.)
Data center stocks like CRWV rose 7%, and related tech stocks also led the market before opening. Rare earth producer MP climbed another 10%.
However, the other six major tech stocks are still holding their previous technical patterns.
The SPY ETF made a small move above its recent trading range before the market opened. It’s now around $626 as traders wait for the June CPI data. This CPI report will be the first test of whether Trump’s tariff plans could trigger inflation. The market is still in a phase of testing the upside. Day 8 is an important time window. On the downside, watch the $622–$620 range.
June CPI:
• Monthly CPI rose 0.3%, matching expectations.
• Year-over-year CPI is at 2.7%, slightly higher than the expected 2.6%.
• Core CPI rose 0.2% month-over-month, better than the expected 0.3%.
• Year-over-year Core CPI came in at 2.9%, also better than the market estimate of 3.0%.
The 20-year Treasury yield fell back from the 5% level, helping SPY push upward. There’s resistance around $628. A quick break above could lead to more gains. The key support level is around $626.
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