CPI may undergo major revisions, the momentum of the US stock market is diminishing, SPDR S&P 500 narrowly hits a new all-time high, Arm surges nearly 50% after earnings report, and crude oil rises over 3%.

SPDR S&P 500 and Dow Jones continue to hit new historical highs, while Nasdaq has hit a two-year high for two consecutive days, but both experienced intraday declines. Chip stocks rose more than 1%, with Arm surging more than 60% after its earnings report, and Nvidia hitting an intraday historical high before turning lower. Disney rose more than 11% after its earnings report, leading the Dow Jones components. Regional bank NYCB fell 6.5%. European chip stock ASML hit a historical high for six consecutive days, with Kingsoft Cloud rising nearly 5% after its earnings report, and Maersk falling nearly 15%. Chinese concept stocks have fallen more than 1% for consecutive days, with JD.com falling more than 4% and Alibaba falling nearly 4%. US bond yields have risen for two consecutive days, with the two-year yield approaching a one-month high. Invesco DB US DLR Index TR Bullish Fund halted its two-day decline and rose to a nearly three-month high; the yen hit a two-month low; Bitcoin rose above $45,000, hitting a new high in nearly a month. Offshore renminbi fell more than 100 basis points intraday, approaching 7.22. Crude oil saw its largest monthly gain and hit a one-month high. Gold fell to a more than one-week low. London zinc fell 3% to a five-month low, and London copper fell more than 1%, hitting a nearly three-month low. Updating in progress.