Yesterday, US equity indices finished mixed. The S&P 500 slipped by 0.16%, the Nasdaq 100 fell by 0.71%, and the Dow Jones Industrial Average gained a modest 0.11%.

Today, Asian equity markets closed higher despite a mixed news flow. Investors used an early sell-off in chip names to add positions, stopping the rout. The MSCI Asia Pacific index recouped from initial losses and closed up 0.4%. The rally was led by South Korean tech giants: SK Hynix jumped by 7.6% to a record high, and Samsung Electronics added 4.3%. South Korea's market rose by 1.7%, fully erasing the morning decline.

The sector received an additional catalyst when Nvidia CEO Jensen Huang was reported to be joining President Trump's visit to China. The news immediately lifted sentiment — Nvidia shares rose by more than 3% in after-hours trading. Futures on US and European indices also turned higher.

At the same time, tension in the bond markets increased. US April inflation exceeded expectations: headline CPI rose by 3.8% year-on-year, marking the highest level since 2023, while core CPI (excluding food and energy) printed 2.8%. Persistent high oil and food prices, together with the Middle East conflict, are being fingered as the main drivers.

All of this has renewed expectations of Fed rate hikes this year. Two-year US Treasury yields held just below 4%, while 30-year yields are only two basis points off their yearly highs. Japanese 20-year government bond yields hit levels not seen since 1997 amid local inflationary pressure from expensive energy. Australian bond prices fell in the wake of that move.

In FX markets, sterling remained under pressure due to the UK political crisis, although it held relatively steady in the Asian session. The Indian rupee edged lower despite the government's decision to more than double import duties on gold and silver.

Regarding commodities, Brent crude eased by 1.4% to about $106.30 per barrel. Gold lost 0.3% to settle near $4,700 per ounce, while silver traded around $86.40.

Technically, the S&P 500 analysis indicates that the immediate task for buyers is to overcome the resistance level of $7,427. Doing so would confirm renewed upside momentum and could open the path toward $7,451. Maintaining control above $7,474 would further cement buyers' advantage. On the downside, buyers need to defend the $7,404 area. A break below that level would likely push the index back toward $7,381 and open the way to $7,361.