The S&P 500 hit another record high on Monday, driven by AI stocks like Nvidia. Investor sentiment is slightly negative, with tech earnings reports from Meta, Microsoft, Apple, and Amazon coming up.

The Nasdaq 100 also reached a new high, but the rally is looking more like a frenzy. Earnings reports from major tech companies could be short-term catalysts.

Volatility is low, potentially signaling a market top. The market remains sensitive to tariff news and could be volatile.

Crude oil prices are up, benefiting from a U.S.–EU trade deal. Key developments include the deal and Russia’s deadline on the Ukraine war.

Stocks are expected to test record highs, but caution is advised due to a potential topping pattern. Defensive positioning may be important in the near term.

Read more at Investing.com: Is the Bull Run on Thin Ice? Tech Earnings and FOMC May Hold the Answer