Monday’s market action had all the hallmarks of a mixed bag, with the Dow Jones Industrial Average and S&P 500 retreating, while the Nasdaq bucked the trend, climbing higher as Nvidia hit a new all-time high. But let’s not get too carried away by Nvidia’s surge—it masked a subtle bearish intraday undertone as the S&P 500 and Dow slipped from their lofty highs, with traders bracing for a pivotal week of earnings reports.
Tokyo markets, in particular, looks ready to shift into a higher gear, as the inverse correlation between the yen and Japanese stocks has deepened over the past month—when the yen weakens, stocks tend to rally, and vice versa. With the yen under pressure, this trend could boost Tokyo markets. Beyond Japan, however, it might be a tougher road for broader Asian markets as we enter the two-week run-up to the U.S. election.
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