S&P 500 Hits Records After Amazon, Apple Results

S&P 500 and Nasdaq rose to record or near-record highs after upbeat results and forecasts from Amazon and Apple boosted sentiment, with futures moving higher ahead of the U.S. open. The advance remains led by megacap tech names and AI-driven spending hopes, though heavy bullish call buying has left options dealers in short-gamma positions that could amplify rallies or deepen pullbacks. Traders still expect rate cuts, but more cautious Fed language has trimmed some near-term easing bets, while ECB and BOJ actions and weak Chinese factory data produced mixed regional flows. Asian markets diverged—Japan rallied on stimulus hopes and a weaker yen while Chinese and Hong Kong equities fell—and commodities and FX reflected the risk-on backdrop. Markets remain vulnerable to volatility from upcoming megacap earnings, policy surprises, options positioning or geopolitical developments.