FOMO in Full Flow as Stocks Hit Fresh Record Highs

FOMO in full flow. The S&P 500 and Dow surged to record highs overnight as AI panic buying and Hormuz deal hopes drove one of the most impressive rallies we've seen — the Nasdaq up nearly 9% in five sessions.Mark breaks down the key moves: Palantir rocketing 30% on "otherworldly" AI demand, Caterpillar's first-ever $20 billion revenue quarter, and what the Situational Awareness hedge fund unwind means for the AI trade. After the bell, SpaceX beat revenue estimates in its first post-IPO quarter but fell on massive AI capex, while AMD slid despite beating on top and bottom lines.Oil got belted again on Hormuz deal hopes after Treasury Secretary Bessent said a deal could come "today or tomorrow." Platinum surged 7%, and uranium and lithium names are starting to look cheap off super low bases.Plus: the ASX earnings calendar is live at mpcinvest.co/ASX-earnings, and Mark walks through MPC's fixed coupon income notes paying 10-13% on blue chip ASX names.Key figures:S&P 500: +1.8% to 7,735 (record) | Dow: +1.7% to 54,086 (record) | Nasdaq: +2.6% | Brent: -5.6% to $79.11 | Gold: +1% to $4,132 | ASX futures: +41 pts to 9,131Links:ASX Earnings Calendar — mpcinvest.co/ASX-earningsIncome Notes — mpcmarkets.com.au/incomePortfolio Review — mpcmarkets.com.au/portfolio-reviewGeneral commentary only. Not personal financial advice.