U.S. Stocks, Gold, and Bitcoin Hit Record Highs While Euro and Yen Plunge

Market Overview

The ongoing artificial intelligence (AI) boom continued to fuel Wall Street gains on Monday, with the S&P 500 logging its seventh consecutive advance and joining the Nasdaq Composite in setting fresh all-time highs. The Dow Jones, however, ended its six-day winning streak. Semiconductor shares surged nearly 3%, led by AMDs 24% rally, even as NVIDIA slipped lower against the trend.

Meanwhile, rising political uncertainty in Europe pushed the U.S. dollar index to a one-week high, sending the euro to its lowest level in a week. In Japan, political turmoil linked to the “Sanae Takaichi trade” triggered a sharp 2% intraday drop in the yen against the dollar. Offshore yuan also weakened, falling below the 7.15 mark for the first time in a month.

In the crypto market, Bitcoin climbed 3% intraday, surpassing $126,000 for the first time ever, marking another all-time high. Commodities rallied across the board — gold jumped more than 2% intraday to a fresh record, with futures prices nearing the key $4,000 psychological level, while silver extended its rally to a 14-year high. In energy markets, OPEC+s smaller-than-expected production increase for November fueled a second straight day of gains in oil prices.

Hot Topics AheadCorporate Debt Shock Rocks Wall Street

Auto parts giant First Brands shocked investors with a sudden bankruptcy, burdened by $12 billion in complex debt structures. While mainstream analysts downplayed the event as an “isolated case,” famed doomsayer economists drew parallels to the Enron scandal, warning that it exposed systemic risks within the $2 trillion private credit market.

AMD Shares Soar on OpenAI Partnership

AMD‘s stock skyrocketed after reports revealed the company granted up to 160 million stock warrants to OpenAI, exercisable at a symbolic $0.01 per share — contingent on computing deployment milestones and AMD’s stock price. If fully exercised, OpenAI could own roughly 10% of AMDs shares. Simultaneously, OpenAI is reportedly in talks with Broadcom to develop custom AI chips. These developments underscore growing concerns over an “AI closed-loop economy,” where capital, equity, and computing power circulate among a handful of tech giants.

Key Events to Watch (GMT+8)

20:30 — U.S. August Trade Balance (USD billions)

22:00 — Fed 2027 Voter / Atlanta Fed President Bostic Speaks on Economic Outlook

22:30 — Fed Governor Milan Participates in a Fireside Chat

23:00 — U.S. September NY Fed 1-Year Inflation Expectations

00:00 — EIA Monthly Short-Term Energy Outlook Report