// COMPARE

S&P 500 climbed to 7,563.6 (+0.58%), printing fresh record territory on US-Iran ceasefire optimism. Dell earnings and a Pentagon software deal added a bid; breadth supportive.

Record highs on geopolitical relief plus the AI capex story still funding bids in mega-caps. Microsoft +3.47% on Pentagon deal news shows the institutional buyer hasn't blinked despite bubble chatter.

PCE Friday is the only big macro print. Above 7,600 opens 7,700; failure of 7,500 turns it into a profit-taking session. Watch VIX 15.74 — sub-15 would confirm the all-clear.

USD/JPY slipped to 159.24 (-0.20%) as the dollar lost some Iran-premium overnight, but the pair stayed pinned near intervention-watch territory. Yen failed to capitalize on lower US yields.

The carry is still doing the work — even with US10Y at 4.46% (-0.58%), the differential vs JGBs keeps shorts on the back foot. Only MoF intervention or a Fed-pivot signal breaks this.

BoJ summary of opinions Friday; any hawkish hint accelerates yen recovery. 160.00 is the line that triggers verbal intervention rhetoric. Downside support 158.50 then 157.80.