📈 The Powell–Trump–Nvidia Triangle Is Driving Markets Crazy

Markets are melting up in full.

From Wall Street to Tokyo, traders are braving a three-headed storm: Trump’s trade charm offensive, Nvidia’s relentless AI climb and Jerome Powell’s impending rate call.

📈 The S&P 500 crossed the 6,900 threshold intraday for the first time, finishing up 0.2 percent and moving closer to the symbolic mark of 7,000.

The Dow Jones rose 162 points, or 0.3%, and the Nasdaq surged 0.8%, pacing gains, as tech fever remained in full effect.

Futures modestly lower after hours: Dow -0.07%, S&P flat, Nasdaq +0.02% but the sentiment is bullish.

Liquidity has returned, volatility has vanished and greed is sneaking back.

🌏 Asia rallies, but Japan’s surge appears fragile

Shares overnight in Nvidia popped 2%, adding more jet fuel to Asia’s chip rally. The Nikkei 225 surged 2.17 percent to a record 51,307.65, but only 43 of its 225 shares rose.

That’s narrow breadth for a rally of that size, and a warning sign.

The names Advantest Corp. and SoftBank now make up 60 percent of the Nikkei’s gains for the year, according to Bloomberg. The Nikkei / Topix ratio is now at an all-time high pointing to one of the most concentrated bull markets in history.

Elsewhere in Asia:

• 🇰🇷 Kospi gained 1.76 percent, driven by chipmakers.

• 🇨🇳 Shanghai Composite +0.69%; CSI 300 +1%.

• 🇮🇳 Nifty 50 +0.50%, to 26,064.

• 🇦🇺 ASX 200 -0.96% following a surprise to the upside in inflation (3.2% vs 3.0%).

💰 Bitcoin takes pause, Europe breathes for Powell

Bitcoin has been stuck around $113,000, bouncing back from a quick trip to $107,000.

ETF net inflows are once again entering into the plus side, but at <1,000 BTC/day, they are a long way away from the mania that drove the previous rally.

Support lying around $111K, resistance at $117K with the all-time high well above $125K as traders wait to see if Powell’s tone signals that new rate cut wave will bring with it fresh inflows.

In forex, USD/JPY options volume is near a one-month low. Traders are paralyzed leading up to the Bank of Japan decision on Thursday and today’s Federal Open Market Committee statement.

Futures across Europe point to a red open:

🇬🇧 FTSE 0.00% | 🇩🇪 DAX -0.42% | 🇫🇷 CAC 40 -0.16% | 🇮🇹 FTSE MIB -0.12%.

All eyes are on the Fed’s words, and history’s largest balance sheet.

The Powell, Trump & Nvidia triangle

Why does this all matter? Because one pillar sustains the other.

1. Trade thaw under Trump lifts global confidence.

2. Nvidia’s trillion-dollar AI momentum machine drives market forces.

3. Dovish insinuations from Powell have kept money cheap and risk appetite high.

According to CNBC’s Fed Survey:

• 84 percent anticipate at least one more cut by December.

• 54 percent envision yet a third cut by January.

• Markets are now pricing 100 bps of cumulative easing by 2026.

It is more than a rally, it’s policy-induced euphoria.

Earnings flood incoming

📊 U.S. Big Tech lineup:

• Alphabet, Meta, Microsoft → which report today.

• Apple, Amazon → tomorrow.

🇪🇺 Europe’s packed Thursday calendar:

• Banco Santander, UBS, Airbus, Adidas, BASF, Deutsche Bank and GSK and Endesa.

• And Spain’s G.D.P. data drops the same day, a macro pulse check for traders.

Nokia soars 21% on heels of Nvidia’s $1B bet on 6G + AI

Nokia shares jumped 21% on Tuesday after Nvidia pledged a $1 billion investment in exchange for a 2.9% stake, its largest telecom investment by far so far.

The agreement consists of 166 million new shares and a long-term partnership to develop AI-driven 6G networks.

📊 Nokia +21% (intraday +26%) → largest one-day gain in seven years.

• Microsoft grabs 27% of newly restructured OpenAI in bold partnership reset that shuns Altman

• Intel’s Lip-Bu shares plans to get back on top… again

• Palantir taps Nvidia CUDA‑X, Nemotron models in strategic AI infrastructure deal

• Tether Gold doubles in value to $2.1B

• BTC whale-sized orders disappeared after October 10

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