Nasdaq's historic melt-up continues as its 10-year return now surpasses the Dow in the 1920s, the S&P 500 in the 1950s, and Japan's 1980s boom, approaching the 1990s tech bubble levels.

Nasdaq's historic melt-up continues as its 10-year return now surpasses the Dow in the 1920s, the S&P 500 in the 1950s, and Japan's 1980s boom, approaching the 1990s tech bubble levels. Meanwhile, US inflation resurged to 3.8% in April, exceeding the Fed's 3.6% funds rate and signaling the central bank may be behind the curve again. Commodity markets are experiencing significant pressure with Korean DRAM prices doubling to record highs driven by AI server demand, copper hitting new records on data center construction needs, and Japan's 10-year yields reaching 29-year highs at 2.564%. These developments signal potential shifts in global borrowing costs and capital flows as Japanese investors reassess US Treasury holdings amid rising domestic yields.