Last Friday, US stock indices closed higher. The S&P 500 rose 0.84%, while the Nasdaq 100 jumped 1.71%. The Dow Jones Industrial Average gained only 0.02%.

Today, Asian stock markets continued to climb on the back of the artificial?intelligence boom, but the overall picture across global markets remains mixed. US President Donald Trump and Iran rejected the latest mutual proposals to end the war in the Middle East, triggering a sharp surge in oil prices and a sell-off in Treasuries.

The MSCI Asia-Pacific index added 0.5%, with technology names once again driving gains. South Korea — a key benchmark for AI investment — delivered an impressive performance: the KOSPI rallied 4.5% to a record high. Given the complex geopolitical backdrop, however, Asian optimism is unlikely to extend fully to Europe and the US.

The commodity market tells a different story. Brent crude jumped about 4% to top $105/bbl. The catalyst was the breakdown in talks: Trump and Iranian leaders rejected the latest peace proposals yesterday, effectively prolonging the blockade of the Strait of Hormuz. The rise in energy costs immediately intensified inflation concerns. Investors responded by selling fixed-income assets: the yield on the 10-year US Treasury rose four basis points to 4.39%.

Amid the escalation in the Middle East, the US dollar once again confirmed its role as the primary safe?haven currency. At the same time, gold — traditionally another safe asset — unexpectedly fell about 1.2% to roughly $4,650/oz. That weakness reflects rising expectations that US interest rates will remain high, making non-yielding gold less attractive.

In terms of fundamentals, the picture remains solid. Last week, the S&P 500 and Nasdaq 100 hit record highs after a convincing US employment report and a string of stronger-than-expected corporate results, which reinforced confidence in the world's largest economy despite the energy crisis provoked by the Iran conflict. Data show roughly 82% of S&P 500 companies beat earnings expectations for Q1.

S&P 500 technicals: the primary task for buyers today is to clear immediate resistance at $7,404. That would indicate upside momentum and open the way to a push toward $7,427. Controlling $7,451 would further strengthen buyers' positions. On the downside, if risk appetite wanes, buyers must defend around $7,381. A break below that level would quickly push the instrument back to $7,361 and open the road to $7,339.